Halogen breaks three records in 2014 Q2

Halogen Software had a record-breaking second quarter, with recurring revenue, international revenue and total revenue at all-time highs, the company announced after trading Thursday.

Recurring revenue rose 21 per cent from a year ago to US$12.3 million for the three-month period ended June 30, representing 90 per cent of the firm’s total revenue. Total revenue at Halogen (TSX:HGN) was up 19 per cent to $13.6 million.

International revenue also increased 61 per cent from the same quarter last year.

"We continue to make substantial investments in sales and marketing and our service delivery capability – investments that we expect will drive new customer acquisition, recurring revenue growth, strong customer retention and increased sales to existing customers,” Halogen president and CEO Paul Loucks said in a statement.

He said the company was encouraged by its international success and is now expanding its sales force into the Netherlands.

Mr. Loucks said the company will continue to expand “in regions that we feel will present us with an opportunity to capture early market share for talent management solutions."

Halogen reported a net loss of $2.571 million for the quarter, down slightly from the second quarter of 2013.

Cash, cash equivalents and investments for the quarter ending June 30 were down to $52.2 million, compared with $55.9 million six months earlier.

Looking ahead, the company is projecting total revenue of between $14.4 million and $14.6 million in the third quarter and between $56.5 million and $56.9 million for the year.

Halogen shares opened the Friday trading day at the Toronto Stock Exchange at $8.66 per share.