Hawthorne, N.Y. (Aug. 18, 2004) -- SmartPros, which markets continuing professional education courses and training services, posted net income of $174,000 for its second quarter ended June 30, a turnaround from a loss of $168,000 a year earlier.
That improvement came after the company accumulated losses of more than $10 million in the past three fiscal years.
The figures are contained in an amended registration for its initial public offering of 900,000 units. Each unit consists of two common shares of stock and one redeemable common stock purchase warrant.
SmartPros's revenue for the most recently ended half was $4.5 million, up from $4.3 million in last year’s corresponding period. The company noted that it had reduced its debt and had positive EBITDA for both 2002 and 2003.
The largest part of the estimated $7.45 million in net proceeds of the offering is to provide working capital. The company had a working capital deficit of $3.2 million on June 30. The remainder is to be used to pay off debt and to acquire new content.
-- Robert W. Scott
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