Zanett (Nasdaq: ZANE), a leading consulting firm specializing in serving Fortune 500 corporations and mid-market organizations in Health Care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government has announced its financial results for Q3 the nine months ended September 30, 2010. Financial Highlights for the NINE months ended September 30, 2010
28% revenue growth to $12.7 million in Q3 2010, vs. $9.9 million in Q3 2010.11% Growth for the nine months ended September 30, 2010 vs same period last year.$45+ million in total new contracts signed in first 9 months of 2010.GAAP operating income of $284k in first nine months of 2010, vs. GAAP operating loss of $652k in the same period 2009.Q3 GAAP net income of $95k, vs loss of $818k for same period 2009.$150 million un-weighted sales pipeline as of September 30, 2010.
Mr. Dennis Harkins, the president and CFO of Zanett Inc. stated, "We are very happy with our progress that we have had this year and the 3rd quarter continues that that story. We have actively engaged in the contracts we have signed over the last 12 months and we look forward to this growth continuing in the fourth quarter as we have given guidance of over 25% year-over-year revenue growth in the 4th quarter 2010, compared to the 4th quarter of 2009.
"We have an unbelievable group of people that work for Zanett and continue to provide value to our customers. Our vertical strategy into healthcare which we embarked on late in 2009 has paid huge dividends in our performance in 2010. We expect as we use that same strategy as we expand into other verticals, as well as our continued emphasis in health care, to fuel our growth in 2011."
Zanett, Inc. provides customized information technology solutions to corporations and mid-market companies in the United States. It offers end-to-end business solutions, including services to initiate, develop, and implement e-business systems; application development; project management; business analysis; architecture design; package customization; testing and quality assurance, and implementation management; and implementation of enterprise resource planning, supply chain management, and customer relationship management systems. The company also provides voice and data communications network integration solutions that include the provision of hardware, peripheral equipment, and telecommunications lines for voice and data communications networks, as well as related security and design services. The company was founded in 1992 and is based in New York, New York
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