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SmartForce Reports Record 2Q Revenue

SmartForce reports record revenue for the second quarter.
SmartForce LLC continues to be the one E-learning supplier resting steady in the black, as the online-training-content provider Thursday posted record revenue and increased profits for the second quarter.

For the quarter ended June 30, SmartForce reported net income, before acquisition-related amortization, of $3.6 million, or 6 cents a share, on revenue of $66.1 million. That compares with a net loss of $9.9 million, 19 cents a share, on revenue of $36.4 million for the same period last year. The charges result from the April acquisition of learning-management-system supplier icGlobal. Total income, including amortization, was reported at $1.1 million, or 2 cents a share.

"The company is a poster child of the sector: profitable, offering mature products, winning large platform deals," says George Sutton, managing director of Dain Rauscher Wessels.

Contributing to the record revenue were five new deals worth more than $5 million each, increasing the size of the average deal to $172,000, and an array of new partnerships, including two with Hewlett-Packard and Cisco Systems.