TV software and services company Espial Group has Q2 profit on higher revenues

Ottawa-based Espial Group Inc. has more than doubled its second-quarter revenues to $4.7 million and turned in a profit compared with a loss in the same quarter last year.

Espial (TSX:ESP), a TV on-demand software company, reported a net income of $90,571, or nil in earnings per share, compared with a loss of $2.1 million on 15 cents per share year-over-year.

The 107 per cent increase in revenues was up from $2.3 million in the second-quarter of 2013, helped by increases in software licensing and other services.

The company's gross margin was at 72 per cent for the second quarter of 2014, compared with 78 per cent from one year ago.

Espial CEO Jaison Dolvane said the company is pleased with its growth.

"We believe our progress is a result of our commitment and focus to deliver world-class products based on open technologies," he said in a statement.

During the quarter ended June 30, Espial said it was selected by a top global TV manufacturer to power its next generation smart TVs. It has also recently entered into a partnership with Samsung Electronics.

-with files from the Canadian Press