MapInfo Reports Gains

MapInfo Corporation (NY, USA) has reported net income for Q1 of FY 2005 nearly doubled to US$ 1.2 million, over US$ 637,000 for the same quarter last year. Earnings for the quarter included US$ 0.05 per share in net charges, as announced last January, related to the write-off of the remaining value of the company's equity investment in Alps Mapping, partially offset by benefit resulting from recent changes in United States tax laws. Revenue for Q1 of FY 2005 reached US$ 34.7 million, the highest quarterly revenue in the history of the company, representing a 21% increase over the previous year's US$ 28.6 million. For the seventh consecutive quarter, MapInfo reported a year-over-year gain in both operating income and operating margin.