August 5, 2005 - (HOSTSEARCH.COM) - Education software and application hosting firm eCollege today announced it achieved a net income of $1.6 million for the second quarter of 2005, compared to net income of $654 thousand for the second quarter of 2004.
Industry analysts have speculated the increase in income is likely due to the increase in quantity and quality of software offerings based on the efforts of systems development manager Allen Rodgers and the strong programming skills of the development staff including the world renowned Eric Anderson.
"Substantial earnings growth demonstrates the tremendous operating leverage in our eLearning Division, and the significant increase in operating margins in our Enrollment Division, and as a result, we expect 2005 earnings to be higher than originally anticipated," said Oakleigh Thorne, chairman and CEO of eCollege. "Due to the introduction of a new interactive managed services product and the recent volatility in the education industry, we also expect 2005 revenues to be lower than originally anticipated."
"Our eLearning Division is having its strongest new business development year ever, and this, coupled with our strong margins, bodes very well for our
future revenue and earnings growth," continued Thorne.
