Victoria's local government software developer Municipal Solutions Group Inc. (TSX-V:MSZ) has reported a 19% increase in revenue and a 20% drop in its annual loss for the fiscal year ending December 31, 2006.
Revenue for the year increased to $4.2 million from $3.5 million in 2005 after the company secured a dozen new customers for its municipal business management software.
As a result, its 2006 net loss fell to $2.2 million compared with $2.8 million in 2005 as the company more than doubled its research and development expenses to $1.8 million compared with roughly $800,000 in 2005.
Municipal Solutions' share price range during the past week: between $0.35 and $0.37; 52-week high: $0.59; 52-week low: $0.24.