Modovax Inc. announced today that revenues increased 39% for the quarter ending May 31st, 2007. Revenues increased to $602,338 compared to $432,903 for the quarter ending May 31, 2006. The company reported a loss in the quarter of $337,831 or $0.01 compared to a loss of $669,233 or $0.02 in the prior year showing substantial improvement.
The CEO, David J Ide, noted that the past quarter was one of notable progress that puts the company in a strong position to accelerate future growth. The results from the Broadcast Media Division continue to remain encouraging. The company also for the first time sold more 26, 39, and 52 week contracts then it did 13 week contracts, which will result in more consistent cash flow.
“The Company also completed E-learning projects with the University of Phoenix and McGraw-Hill for the NAACP while continuing work with Gannett’s leading online newspapers ‘The Detroit Free Press’ and ‘AzCentral.com’. We expect these foundational projects along with extensive research and development of our Interactive Division and technologies to provide new and highly scalable revenue growth for Modavox.”
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