Peerless reports third-quarter results for fiscal 2011

UK-based Peerless Systems, a provider of imaging and networking technologies to the digital document market, has reported its financial results for the third quarter of fiscal 2011 ended on 31 October 2010.

Third quarter revenues were $2.8m (£1.8m), up from $1m in the third quarter of fiscal 2010.

Gross margins were 69 per cent and 68 per cent for the third quarters of fiscal years 2011 and 2010 respectively.

Peerless reported net income of $0.7m, or $0.04 per basic and diluted share, in the third quarter of fiscal 2011, compared to a net income of $3.5m, or $0.21 per basic and diluted share, in the third quarter of the previous fiscal year in which income included a $4.8m dividend from the company’s investment in Highbury Financial.