ProntoForms revenue rises for 17th straight quarter

Ottawa-based ProntoForms Corporation reported higher third-quarter revenues on Tuesday, part of what CEO Alvaro Pombo called “a continuing trend” of growth.

Revenue has increased in each of the last 17 quarters for the mobile data solutions firm, coming in at $1.7 million for the three months ending Sept. 30. That is up six per cent from the last quarter and is 48 per cent higher than the same quarter last year.

Recurring revenue accounted for $1.3 million of the overall total, an increase of 45 per cent from last year.

“We have good momentum and we are prudently increasing our spending rate to take advantage of the increasing number of opportunities available to us,” Mr. Pombo said in a statement.

Year-to-date, total revenue sits 55 per cent higher than at the same time last year.

Mr. Pombo noted the firm’s recent partnership with AT&T drove revenues up in the third quarter.

“We are seeing increased interest in mobile forms as a product category and our leadership in this market brings new prospects for growth,” he said.

ProntoForms (TSX VENTURE: PFM) did post a net loss for the third quarter of $313,260 and $666,582 year-to-date. The company attributed this to non-cash, share-based compensation for loans to Mr. Pombo to buy more company shares. Also, the company had $875,070 in income last year from the sale of certain patents and a reduction in deferred revenue.

As of Sept. 30, ProntoForms had $3 million in cash and cash equivalents and $3.3 million in net working capital.