Redknee Reports Q1, Reveals Record Order Backlog

Not that kind of Redknee. Redknee, the Toronto-based provider of real-time converged billing, customer care and telecom billing, today reported a record order backlog.

Redknee (TSX:RKN) announced its Q1, 2012 results today. Revenue of $14.0-million compared favourably to last year’s $13.6-million. The company earned $950,000 or a penny a share, compared to last year’ s Q1 loss of $670,000.

CEO Lucas Skoczkowski, commenting on the quarter, said: “Our strategy is to focus on real-time converged billing and customer care with on-premise and cloud delivery capability, the emphasis being on a multiyear term-based licensing model.” He said, adding “We remain focused on securing long-term recurring revenue and earnings potential, and ultimately building shareholder value.”

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While today’s numbers were at least a mild positive, shares of Redknee, which at press time were up 13% to $1.22, may be trending higher for two other reasons. First, the company announced a record order backlog of $60.6-million, much higher than even Q4 2011’s $46.4-million. On top of that, the board announced a normal course issuer bid to buy back up to 4.7 million shares.

Founded in the solarium of Skoczkowski’s apartment in 1999, Redknee now boasts clients such as Microsoft and Cisco. The company’s billing solutions run the gamut from the customer side to helping service providers better monitor, understand and monetize their subscriber base. At the recent Mobile World Congress in Barcelona Redknee said its real-time converged billing solution has been benchmarked to support 250 million subscribers.

MORE..Last March, Cantech Letter caught up with Redknee CEO Lucas Skoczkowski.

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About The Author / Nick Waddell

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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