Spyglass pulls in strong profits
Spyglass posts strong second-quarter profits boosted by increased revenue growth and new licensing contracts.
Spyglass said its revenue for the quarter rose 26 percent to $6.3 million from $5 million in the comparable period last year.
The Internet software and technology provider said its net income for the quarter was $114,000, or 1 cent a share, vs. a net loss of $2.5 million, or 19 cents a share in the year-ago period.
The company was projected to post a 5 cents per-share loss, according to analysts polled by First Call.
The company said new contracts signed with Microsoft and Sony boosted second-quarter revenue.
Earlier this month, the Naperville, Illinois-based company inked a three-year $20 million deal with software giant Microsoft. Under the agreement, Spyglass said it would help develop and integrate Internet-ready applications for Microsoft's Windows CE device manufacturers. In addition, Microsoft has licensed unnamed Spyglass technology and is looking at ways to boost the usability of Windows CE within that licensing pact.
Yesterday, Spyglass announced that Sony will feature its embedded Web browser and other software in upcoming TV set-top boxes from the consumer electronics giant. As previously reported, the deal will put Spyglass's Device Mosaic embedded browser and ThinGUI Library on Sony set-top boxes and other broadband information appliances from the consumer electronics company, Spyglass said.
"We signed licensing and professional services contracts with several key customers, successfully hired new additions to our management team, continued to make product enhancements to our core technology, and announced a second multiyear, multimillion dollar Internet services agreement," Spyglass CEO Douglas Colbeth said in a statement. "In addition, the acquisition of Navitel should facilitate our efforts in immediately executing on the Microsoft contract."
Separately, the company said its executive vice president of corporate development, Michael F. Tyrrell, plans to step down from his current duties. Over the next several months, Tyrell will assist in transition of corporate development responsibilities to Gary Vilchick, executive vice president and chief financial officer, the company said.
Shares of Spyglass rose 1.93, or 14.6 percent, to 15.18 at the close of the market yesterday.