Santeon Files Third Quarter 2012 10-Q and Announces 2nd Consecutive Quarterly Profit
- Quarterly Revenue of $1.2 million increased by 104% over prior year
- Year-to-date Revenue of $2.9 million increased by 90% over prior year-to-date period
- Quarterly Gross Profit of $608K increased by 155% over prior year
- Year-to-date Gross Profit of $1.3 million increased by 90% over prior year-to-date period
- Quarterly Gross Profit margin improved 1,000 basis points over prior year from 41% to 51%
- Quarterly and year-to-date Net Profits of $151K and $77K, respectively
- $217K of cash generated from operations
- Stronger financial position leads to positive outlook
- Third Quarter 10-Q filed prior to November 15th deadline
RESTON, Va., Nov. 2, 2012 /PRNewswire/ -- Santeon Group, Inc. (OTC.BB: SANT) announced that on November 1, 2012 the Company filed its third quarter 2012 SEC Form 10-Q and its strongest yet financial performance for the quarter and year-to-date period ending September 30, 2012. Santeon proudly announced that revenues for the three months ended September 30, 2012 increased by 104% compared to the three months ended September 30, 2011 and it posted net profits for the three and nine month periods ended September 30, 2012 as compared to net losses in the same periods in 2011 and prior. With the filing of the third quarter 2012 SEC Form 10-Q, Santeon reported its second consecutive quarter of operating profits.
In addition to the strong operating results, the Company presented a significantly improved financial position based on the $217K of cash generated from operating activities and a strong cash balance at quarter-end while significantly reducing debt.
"We are very excited to file our 10-Q well ahead of its due date and to report record financial performance," commented Dr. Ashraf Rofail, Chairman and CEO of Santeon Group, Inc. "We are on a fast-paced growth trajectory with a prudent eye toward profitability and reduction of our operating expenses and liabilities. We are thankful to our clients who trust us with their strategic initiatives and projects, our employees for their dedication and exceptional service and our shareholders who continue to support us as we continue to deliver on our promises," continued Dr. Rofail. "In the coming weeks we will continue to share good news of sustained growth in our federal and commercial practices, as well as our intention to implement key strategic initiatives," concluded Dr. Rofail.
Additional details and commentary regarding the Company's financial and operating results for the three and nine months ended September 30, 2012 can be found in the SEC Form 10-Q on the Company's website at www.santeon.com/Sec_filings.html.
About Santeon Group, Inc.
Santeon Group, Inc. is a technology company headquartered in Northern Virginia with offices in Reston, VA, Tampa, FL, Cairo, Egypt and Pune, India. Santeon offers products and services in Agile training and transformation, healthcare and media. Santeon's goal is to serve emerging markets by providing technically superior products and solutions while reducing the cost of ownership and deployment of these solutions through a strong channel partner and distribution model. For more information please visit our web site at http://www.santeon.com.
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Investor Relations Contacts:
Santeon Group, Inc.
703-970-9200, ext. 112
SOURCE Santeon Group, Inc.