CPA2Biz, the online marketing and technology portal for the American Institute of CPAs, posted a year-end net income of $150,000 for the period ended July 31 -- the first-ever profit since its inception just over four years ago.
CPA2Biz executives said that the first-time profits were fueled by a combination of strong growth and a reduction in last year's depreciation expenses, which had hit $4 million.
The online concern had reported a loss of $3.14 million for its previous fiscal year. Revenue climbed nearly 8 percent, to $14.3 million, versus the year-ago results.
"Through focus and solid execution, we've been able to grow our customer base and revenues, while maintaining an appropriate cost structure moving the company to profitability," said CPA2Biz chief executive Erik Asgeirsson, in a statement.The portal features such services as CPE and conferences, as well as payroll and banking via its Business Solutions Program.
