Zanett Skyrockets on Contract Update (ZANE)
Shares of Zanett (NASDAQ: ZANE) are skyrocketing today, currently higher by 92.90%, at $2.72. The New York based business-consulting firm said that, in its fiscal second quarter, it had closed $12.6 million of new business with 37 different clients.
Dennis Harkins, President and CFO of Zanett, said, "Healthcare was by far the biggest segment of contracts signed for the past six months. Throughout the US, corporations are currently hesitant about hiring individuals due to unknown and unfunded mandates from Washington DC, so they are spending their money on increased capital expenditures. Oracle ERP and other IT spending are a natural beneficiary of a reduction in labor force."
Zanett also reported that their largest customer was responsible for $7.5 million on new business with $29.7 million of new business having been signed, overall, since the beginning of the year. The bulk of this revenue is expected to be realized within the next 12 months.
Zanett Inc. is an information technology company that provides customized IT solutions to Fortune 500 corporations and mid-market companies. The Company provides commercial solutions through its wholly owned subsidiaries.
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