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Peer 1 improves financial performance

Briefs | 03/13/2007 5:52 pm EDT

Financial results from Peer 1 Network Enterprises Inc. demonstrate the company’s solid performance as both its revenue and gross profit had double-digit increases. Revenue increased 11% to $18.13 million for the three-month period December 31, 2006, compared to $16.29 million for the same period in 2005. "Our second-quarter financial results are the strongest quarterly figures that PEER 1 has reported to date," said Fabio M. Banducci, PEER 1's president in a news release. "We saw growth from new and existing customers during the quarter as well as continued margin improvement and look forward to extending our leadership position further in the quarters ahead." Other key financial metrics where the company reported increases were on gross profit, which was $6.75 million, an increase of 15% from $5.88 million. Operating income experienced a significant increase from $1.07 million to $2.28 million, a 113% increase.

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