Peer 1 Network Enterprises Inc. released its third-quarter financial results with the company posting a 7% increase in revenue for the three-month period ended March 31. Revenue jumped to $18.81 million from $17.63 million. Operating income increased more than 61% from $1.22 million to $1.97 million. Net profit for the quarter was $230,000 compared to a net loss of $350,000 in the previous year's third quarter. "These results represent a major milestone for Peer 1," company president Fabio Banducci said in a news release. "Continued profitable growth, reduced cost of capital, access to new growth capital and a simplified balance sheet have set the stage for our growth strategy."

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