Diligent breaks even after record third quarter

Three years after its sharemarket float Diligent Board Member Services (NZX: DIL) has achieved cashflow break-even with a record increase in sales for the third quarter.

Net sales for the three months to September 30 were $US2.19 million, up 66% on the same period a year ago with year to date sales also up 69% at $5.85 million.

Diligent, which develops software to help corporates access safe and secure information via the internet, said its annualised license fees increased $US864,000, a 32% improvement.

Total annualised license fees were $US8.46 million at the end of September, compared to $US5.56 million at the same time last year.

Diligent said 41 new licenses were added during the third quarter, compared to 30 for the third quarter last year. The company, which is listed in this country but based in New York, now has 397 global clients and more than 10,400 users of its Boardbook products.

During the quarter two signature corporations signed up – AOL Inc and ExxonMobil.

During the quarter Diligent achieved its stated goal of becoming cashflow breakeven.

“This is a noteworthy milestone for the company and its investors and sets the stage for an exciting chapter in Diligent’s development as a public company,” Diligent said in a statement to the NZX.

“The potential for further growth is videnced not only by this latest sales performance but also a continuing trend of strong business momentum.”

In May the company reported a bottom line net profit of $US2.49 million for the three months to March 31, after revaluing the collateral behind a $US7.16 million promissory note due to be repaid by its predecessor, SSH LLC, in October.

Diligent shares closed last night at 64c.

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