Onstream Media Corp. reported record financial results for its fiscal third quarter; the company‘s fiscal year is set to end September 30. The announcement came just after Monday’s closing bell.
The company said it racked up a record $4.6 million in fiscal third-quarter revenues. This represents a 4.4% gain over Q3 2010 fiscal results and a 3% sequential increase over Q2 2011 fiscal results. Revenues from October through June were a record $13.4 million, up 5.7%, as compared to $12.6 million in the comparable period for fiscal 2010.
The Pompano Beach-based Onstream is a veteran provider of live and on-demand corporate audio and web communications, virtual event technology and social media marketing. According to its website, it serves a wide range of blue-chip companies, including Bank of America (NYSE: BAC), Sony (NYSE: SNE), eBay (Nasdaq: EBAY), United Parcel Service (NYSE: UPS), BMW, Disney (NYSE: DIS), General Electric (NYSE: GE), Warner Brothers, Staples (Nasdaq: SPLS), Coca Cola (NYSE: KO), and others.
Onstream was able to sharply reduce operating expenses as well, to the extent of a 6.6% reduction, thereby adding to its bottom line and representing a $249,000 differential below fiscal Q3 operating expenses.
The company also trimmed losses for the three months ended June 30, 2011 to about $486,000, a 54.8% decrease when compared to net losses of about $1.1 million for Q3 of fiscal 2010.
In making the announcement, Onstream CEO Randy Selman observed, “Revenues in the third quarter of fiscal 2011 represented our second consecutive quarter of record revenues… We are also pleased to report our second consecutive quarter of positive cash flow from operating activities (before changes in current assets and liabilities)…”
Selman also called attention to debenture reductions and developments with the MarketPlace365® venture, citing nine active MP365 promoter sites and 29 additional promoter agreements. Convertible debenture liability, he said, was reduced from $1.2 million to $510,000 from March 31 to the present, “via cash payments as well as the issuance of common shares.”
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