Network Engines, Inc (NENG) Announces 88% Increase in Q2 Revenues
Network Engines, Inc, provider of server appliance products and services for storage, security and communications software vendors, today reported its financial results for the second quarter ended March 31, 2008. The company posted a positive second-quarter performance and projected increases for the third quarter of 2008. Net revenues rose 88 percent to $55.2 million, up from $29.3 million in the second quarter last year, following previous guidance of $54 million to $58 million. The company attributes the increase to its acquisition of Alliance Systems Inc. in October 2007. Gross profit fell short of the 17-18 percent expected, posting at 16.1…