Shares of On2 Technologies Inc. (Amex: ONT) were trading up 30 cents (15 percent) at $2.41 per share on volume of 4,567,000. The company announced record first quarter (ended March 31, 2007) results after the market closed yesterday, and the stock has been running up the charts ever since.
First quarter revenue was $2,815,000, representing an increase of 131 percent compared to the $1,217,000 reported in the first quarter of last year. The revenue numbers also represent an increase of 33 percent over fourth quarter (ended Dec. 31, 2006) revenue of $2,117,000.
The company reported a first quarter net loss of $721,000, or 1 cent per share, compared with a net loss of $1,179,000, or 1 cent per share in the first quarter of last year. On2 Technologies reported cash on hand of $5,281,000 at March 31, 2007, as compared with $4,961,000 in the fourth quarter ended Dec. 31, 2007.
These solid first quarter numbers are the icing on the cake following a strong April in which On2 Technologies rose from $1.60 per share to a high of $2.50, representing an increase of 56 percent.
On2 Technologies operates as a video compression technology firm in the U.S. It develops a proprietary technology platform and video compression/decompression (codec) software to deliver video to closed area networks, such as set-top boxes, personal computers and wireless devices.
Market News First contacted On2 Technologies about the solid month and quarter and will follow-up with a feature story.
