Zanett, Inc. (ZANE) recently reported its operating results for the second quarter of 2007. Revenues for the period that ended June 30, 2007 were up $12.5 million, or 9.6% from the $11.4 million reported during the same period in 2006.

ZANE used $1.7 million in cash for operations and to aid in various acquisitions and capital expenditures, and also spent $1.7 million for investing. To finance the cash requirement for these ventures, the company borrowed $3.75 million from a separate entity.

Additionally, the Company operated at break even, with no net loss reported or recognized in the balance sheets. However, the reported loss per share for the quarter was $.02, relating to the finance interest on the Company’s debt. Even though this was the case, ZANE had a positive EBITDA of $300,000, higher then any other period in their fiscal history.

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