In-Touch Survey Systems reports Q3 revenue drop

Revenue fell to $1.32m from $1.7m in Q3 last year. Gross profit was down to $847,137 from $1.161m, while net profit was $37,633.

The firm took a $1m hit in the second quarter of this year due to cancelled orders from clients, but CEO Michael Gaffney said that the company had “almost replaced” this lost revenue thanks to new orders with “major” companies in the US and Canada.

“Given the state of the economy,” he said, “this is a major achievement.”

On the quarter as a whole, Gaffney said: “While Q3 2009 revenues are down compared to 2008 I am very proud of the In-Touch team given that we will end the year within 5% of 2008 revenues and with a much improved cost structure.”

In April, president and chief operating officer Lynda Partner was among the casualties as the firm slashed its workforce by 10% in a move to cut costs.