SANTA CRUZ – The software company GraphOn Corp. reported an increase in sales for the fourth quarter, but losses for the year were more than double those of 2010.
“We believe the receipt of new software orders by stocking resellers provides an additional indication of the current progress of our business,” said Robert Dilworth, GraphOn chief executive officer.
GraphOn sells technology that helps users gain remote access to applications via the Internet or Web-enabling products and cloud application delivery.
In the December quarter, recognized revenue in the company’s software business dropped slightly, but new software orders by stocking resellers (deferred sales) climbed about 9 percent for the quarter and almost 13 percent for the year.
In light of the difficulties in the economy in general, Dilworth said they were pleased to with sales.
Last year, the company set out to expand its intellectual property patent portfolio. Private investors contributed about $7.1 million to the company which partnered with the patent strategy firm ipCapital Group. The company quickly doubled its portfolio.
“We have filed numerous patent applications as a result of our collaboration with ipCapital Group and we anticipate that a large backlog of inventions will be filed as patent applications during 2012,” Dilworth said.
The company has made several changes at the executive table in recent months. Last month, Christoph Berlin stepped into the position of vice president of product management and marketing. In January, Eldad Eilam took the reins as president and chief operating officer. Dilworth also stepped down from his position as chairman of the board and was replaced by Steven Ledger. It was decided that the five-person board would expand to seven.
The company ended the year with about $7.24 million in cash.
At A Glance
WHAT: A publicly-traded software company that develops web-enabling applications or technology to help users gain remote access to applications via the Internet.
HEADQUARTERS: 5400 Soquel Ave., Suite A2, Santa Cruz. 800-472-7466, www.graphon.com.
HISTORY: Founded in May of 1996, the company became publicly owned in 1999. In 2004, the company moved from Morgan Hill to Santa Cruz.
LEADERSHIP: Robert Dilworth, chief executive officer and chairman.
STOCK: GraphOn shares trading as GOJO.OB on the Over-the-Counter Bulletin Board were unchanged Friday and closed at 19 cents. The 52-week range is 5 cents to 32 cents.
FINANCIALS: Fourth quarter revenue was about $1.76 million compared with about $1.74 million for the same period a year ago. Net income was about $120,000 for the quarter compared to a net loss a year ago of about $215,300. Earnings per share were zero cents in the fourth quarter 2011 and 2010.
REVENUE: for full 2011 was about $6.66 million compared to about $7.52 million for 2010. Net loss for the year was about $1.76 million, or a loss of 3 cents per share, compared with a net loss in 2010 of about $835,700, or a loss of 2 cents per share the year before.
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