Spare Backup projects profitability in 2012
Spare Backup Inc., a Minden company that develops data backup and security software for smartphones, tablets and PCs, said last week it received an order that will be an important element in its projected profitability in 2012.
The company said it received an order valued at approximately $160,000 for a custom security upgrade for an undisclosed financial services organization in the United Kingdom.
The customer will use Spare Backup technology as part of an upgrade of its mobile applications this month.
With the new contract, as well as other product launches, profits at publicly held Spare Backup Inc. may top 5 cents a share next year, said Cery Perle, the company’s president and chief executive officer.
The company has said that it’s working with clients in Germany, Ireland, Italy, Spain, Poland, Romania, Czech Republic and Turkey.
Spare Backup, which moved to Minden from California in mid-2011, has generated losses of $110 million since its founding in 2002. It hasn’t generated significant revenues.
It said in a November filing with the Securities and Exchange Commission that its current operations aren’t an adequate source of cash to finance its operations, and the company has relied on equity sales to provide enough cash.
The company said the lower operating costs in Nevada particularly the cost of software developers’ wages as well as the state’s favorable tax climate are expected to help gain profitability.
With the food industry suffering from decreased supply and increased demand due to COVID-19, UNR and Wolf Pack Meats have increased production to help local producers and ranchers stay in business.