SmartsPros Reports Loss on Rev Drop
Educational vendor SmartPros lost $129,292 in 2010, compared to net income of $398,683 the prior year. That came as revenue dropped to $17.62 million for the most recently ended year, down 8.6 percent from $19.27 million for 2009. The company blamed the decline on what it called the consultative aspects of its business, particlarly its Skye Multimedia division.
In announcing the results, chairman and CEO Allen Greene said that Skye "generated only $1.08 million in revenue in 2010 year as compared to $2.87 million in 2009." He also noted that the company generated $1 million in EBITDA through expense management. While Greene said the company ended the year strongly, improving from where it stood at the end of the third quarter, the company did not break out fourth-quarter results.
