Riverdeep announce rise in 2002 Q2 results

Education software company Riverdeep announced its second quarter results which showed that revenues increased to $41.3m (€47.8m) from $11.9m (€13.7m) in the same quarter for 2001.

Adjusted net income for the quarter was $4.4m (€5.1m) compared to $3.2m (€3.7m) in the previous quarter and adjusted net losses of $7.8m for Q2, 2001.

Earnings per American Depositary Share were $0.12, up from a loss of $0.24 a year previously.

The results were in line with analysts expectations.

CEO Barry O'Callaghan said of the results. "Our strategy of increasing distribution and brand recognition through acquisitions is paying off, as evidenced by significant cross-selling of all brands in the school and consumer channels.

"During the year the company acquired The Learning Company and expanded its reach through alliances with IBM, Reed Elsevier and Knowledge Universe.

Riverdeep sells its products mainly in the US.

Government spending on education has been increased in the last year and this has enabled e-learning companies, such as Riverdeep, to expand when other technology companies are suffering from the economic downturn.