On a recent trip to Africa, Serenic CEO Randy Keith with members of Kickstart. A recent sale to a local Ugandan government was the third African local government to have selected and adopted Serenic solutions, said the company. Serenic (TSXV:SER) today posted its Q1 2013 results. Revenue of $2.94-million was a 17.4% improvement over the same period last year. The company lost
$179,699, slightly higher than last year’s loss of $177,375.
In a press release this morning, Serenic management says the quarter was focused on two themes; growing revenue and “investigating opportunities to maximize shareholder value. Earlier this year, the company said it had reviewed eight business development scenarios in fiscal 2012. Some of these were rejected because they weren’t a fit, said management, but others may continue to warrant attention.
On the business side, Serenic revenue is coming less from direct sales and more from its expanding partner channel. The company has added partners in the United Kingdom, Africa and Lebanon. A recent sale to a local Ugandan government was the third African local government to have selected and adopted Serenic solutions, said the company. The increased topline from channel sales was mitigated, slightly, by a 5.6% reduction in gross profit as a percentage of sales.
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One asset at Serenic that continues to grow is its cash position, which increased by approximately $517,000, to total $4,452,646, or $.30 cents per share, at the end of Q1.
Serenic, which was founded in 1999, designs and sells accounting software solutions for nonprofits, international NGOs and the public sector. Serenic used Microsoft Dynamics NAV, which has been described as one of the most advanced ERP systems on the market. Through modification and the addition of enhanced functionality, created its flagship product, Serenic Navigator.
At press time, shares of Serenic were up 22.4% to $.30 cents.
At publication date, Cantech Editor Nick Waddell owns shares of Serenic and his company, Cantech Communications, is engaged to provide investor relations services to the company. Serenic is a sponsor of Cantech Letter.