The company today announced its first quarter results for the period ending March 31, 2010. eLandia showed improvement in its key metrics, including a 25% growth in revenues over the same quarter last year. Excluding Venezuela, revenues increased 96% over the same quarter last year. The company’s operations in Venezuela have been strategically reduced from 42% of the company’s revenues in the first quarter of 2009 to only 8.5% of revenues in the first quarter of 2010.
eLandia restructuring efforts seem to be paying off. The company improved its earnings to closer to break-even with a net loss of only $3.2 million in the first quarter of 2010 versus a loss of $21.3 million loss in the same quarter last year, an 85% improvement. The CEO of eLandia, Pete Pizarro, said, “We are confident that our strategy of streamlining the business during the downturn and our focus on operational excellence, innovation and productivity are driving our momentum and growth in the market.”
The company continues to drive increased sales and develop growth initiatives in Latin American markets, with a commitment to the region that encompasses a presence in 13 countries. Mr. Pizarro commented on the company’s position in Latin America. He said, “We believe that we are well-positioned by geography, in customer segments, and in our key product and services portfolios – as economies in Latin America continue to improve and our customers increase their technology investments.”
For more information on eLandia, please visit www.elandiagroup.com.