In its first quarterly report since going public last month, Cysive (Nasdaq: CYSV) posted earnings twice as much as analysts forecast.
After market close Wednesday, the builder of e-business systems reported third quarter net income of $873,000, or 6 cents per share. First Call's survey of two analysts predicted a profit of 3 cents per share for the quarter ended Sept. 30.
Third quarter revenue increased $7.3 million, up 39 percent sequentially and up 182 percent year-over-year. More than 70 percent of Cysive's revenue came from repeat business, said Nelson A. Carbonell, president and CEO.
Cysive's staff of billable software engineers increased to 79, a 36 percent gain from the second quarter, with no voluntary turnover, Carbonell said. "Our ability to attract and retain the most experienced professionals in the field has been instrumental to our development," he said. "This has resulted in reduced costs, increased efficiencies and the highest quality."
Since its IPO last month, Cysive shares have risen steadily. The stock closed Wednesday's regular trading at 73 1/2, up 11 5/8 for the session.>