ATG grows revenue 30% year over year
Third quarter revenue for Art Technology Group Inc., provider of e-commerce systems, increased 30% over Q3 last year, reaching $22.7 million, up from $17.5 million, the company reported today. Revenue was up 12% over Q2 revenue of $20.3 million.
Net income for the third quarter was $1.5 million, compared to $100,000 a year ago and a net loss of $300,000 in the prior quarter.
Growth was the result of offering a combination of licensed software and on-demand services, the company said. “While the majority of our product revenues were driven by license sales, our ATG On-Demand offerings gained further traction during the third quarter, contributing a growing stream of recurring revenues that will benefit our business in the quarters and years ahead," said Bob Burke, president and CEO.
"Our third-quarter results are very encouraging and demonstrate the strength of our growth strategy and scalability of our business model," said Julie Bradley, senior vice president and chief financial officer. "With a steady contribution from the offerings we gained in our Primus acquisition and an increase in both product and service revenues, we grew sales by 30% year over year while keeping expenses in line. This resulted in improved operating margins and solid profitability on both a GAAP and non-GAAP basis."
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