Inova Technology Inc. is an enterprise level information technology solutions provider specializing in providing RFID solutions, wireless networking, storage and security technology solutions and IT professional services.
The company today reported revenues of $12.9 million for the nine month period ended January 31, 2010 and $3.8 million for the quarter ending the same date. The bulk of the revenues were derived from its Desert Communications subsidiary, which provides network solutions for hundreds of school districts, universities and municipal governments. Inova’s other subsidiary, RightTag, provides RFID solutions to manage and track objects.
INOVA reported EBITDA (earnings before interest, tax, depreciation and amortizations) totaling $350,799 in the quarter. In addition, the company highlighted its ability to decrease operating expenses from $1.94 million to $1.66 million. Inova is continuing its efforts to improve its balance sheet and enhance operating leverage as the economy continues to improve.
The company also announced today that its common stock is now trading on the Over the Counter Bulletin Board (OTCBB). Inova is fully reporting with the US Securities and Exchange Commission (SEC) and joins more than 3,300 other companies on the OTC Bulletin Board. On this market daily, there are more than 1.4 billion shares traded which are valued at more than $72 million. The Over the Counter Bulletin Board is also frequently the gateway to the American and New York Stock Exchanges and the NASDAQ.