MILWAUKEE, Wis. — ARI, which provides technology solutions for marine and other dealers, reported today that revenues increased 31 percent to $5.5 million for the first quarter of fiscal 2010, compared to $4.2 million for the first quarter of fiscal 2009. The company’s first quarter ended Oct. 31.
Operating income increased 16 percent to $339,000, the company said, compared to $291,000 last year. However, net income decreased to $162,000, compared to $256,000 for the first quarter of fiscal 2009, which the company said was a result of an accrual adjustment related to its 2008 restructuring and to interest expense from its acquisition of Channel Blade.
“I am pleased with our results,” Roy W. Olivier, President and Chief Executive Officer of ARI, said in the release. “First quarter revenue was significantly higher than last year as a result of continued strong sales of new marketing services, high levels of renewals for marketing services and catalog subscriptions, and the acquisition of Channel Blade Technologies. We experienced a decline in non-strategic professional services revenue, which remains negatively affected by the state of the economy.”
To read the company’s complete financial report, click here.