Wismer Martin Bounces Back With Quarterly Profit Of $105,000

Wismer Martin Corp., a Spokane software manufacturer for doctors and hospitals, reported Monday its first profit in six months.

Announcing the results of an outside financial audit by the BDO Seidman public accounting firm, Wismer Martin said it garnered $105,000 on revenue of $2.65 million for the fourth quarter ended June 30.

BDO Seidman’s audit was critical to help restore Wismer Martin’s reputation among investors after Coopers & Lybrand resigned in March. Coopers & Lybrand quit after seven years with Wismer Martin, citing doubts that it could find the company a “going concern” for a proposed public stock offering.

Wismer Martin last reported a profit - $59,000 - for the quarter ended Sept. 30.

For the fiscal year ended June 30, Wismer Martin posted a net loss of $1.38 million on revenue of $10.5 million.

Chief financial officer Doug Willford attributed the fourth quarter rebound to higher sales and lower expenses. The company, which laid off about 25 workers in January, cut expenses by $300,000 during the quarter, he said.

Wismer Martin launched a stock offering last week, Willford said. The company hopes to raise $1 million in cash and convert $2.5 million in outstanding debentures to stock.

The stock offering will help satisfy bankers who gave Wismer Martin until Thursday to reduce its debt by $1 million and raise another $1 million in capital.

, DataTimes