Fueled by growth in its new business lines, CPA2Biz Inc., the online marketing portal for the American Institute of CPAs, posted its second consecutive year of profitability, posting year-end net income of $1.5 million for the period ended July 31, versus profits of $150,000 for fiscal 2005.
CPA2Biz attributed the rise in profits to a spike of 25 percent in its Business Solutions, Job Board and digital newsletters services. Those units generated roughly $3 million of overall revenues.
Meanwhile year-end revenues hit $15.7 million, a 10-percent rise from the prior year.
In June, CPA2Biz executives had projected a 6 percent jump in revenues to about $15.2 million, with profits of $600,000. Meanwhile in March, the portal renewed its agreement with Paychex Inc. for payroll and retirement planning services.
CPA2Biz COO Patrick Bonnaure said 2007 strategic plans call for the portal to be revamped with a planned unveiling in the spring.
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