Irish e-learning company Riverdeep said today revenues trebled to $46.6 million and net income rose to $6.9 million in the first quarter of 2001.
The adjusted net income of $6.9 million is an increase of 57 per cent when compared to the $4.4 million recorded in the quarter ended December 31st, 2001. Last year, the company reported a net loss of $4.4 million for the same period.
Riverdeep chief executive Mr Barry O’Callaghan said the company’s ability to generate positive cash flows from operations of $5.96 million is the best validation to date of its strategy in building a world-class electronic educational publishing company.
He said the market for electronic instructional materials continues to grow and evolve.