Wasp Barcode Technologies continued to soar financially in 2007, closing out the year with dramatic increases in both revenue and profitability. In 2007, Wasp turned in revenue growth of 23 percent and gross profit growth of 24 percent. These strong figures were topped by the company’s astonishing increase in operating income, which rose 53 percent over 2006.
“We’re excited that Wasp has continued to show strong growth year after year,” said Steve Coffman, president of Wasp Barcode Technologies. “Since 2000, we’ve achieved a compound annual growth rate of 24 percent. This year, improved performance was closely linked to increased penetration and growth in the U.S. market, as well as global expansion of our distribution efforts.”
In 2007, Wasp established new relationships with distributors in Australia and retailers in Canada, creating revenue growth of 112 percent in these two countries. Concentrated efforts and new partnerships in the European marketplace grew revenue there by 19 percent. In the United States, the company’s record financial results were boosted by strong growth across all channels, including an agreement to place several of the company’s productivity solutions on the shelves of 1,400 Staples stores.
“A great deal of our success in 2007 can be attributed to practicing what we preach,” Coffman added. “As Wasp has grown larger, it’s critical that we focus on improving our productivity and efficiency throughout the company. Our profitability numbers are proof that our strategies are working. We offer these same strategies and tools to our small business customers, who can rely on Wasp solutions to improve their performance.”
Coffman expects Wasp’s momentum to continue throughout 2008. Many pundits expect a recession, prompting some large companies to scale back plans and forecasts. Yet Wasp is well-positioned for future growth, no matter which direction the economy turns.
“During economic downturns, thousands of small businesses are born,” Coffman said. “What’s more, existing businesses focus on improving their productivity and efficiency. To do this, they will embrace the affordable technology solutions Wasp has to offer.”
About Wasp Barcode Technologies
Wasp Barcode Technologies provides data capture and tracking solutions designed specifically for small business. Products include inventory control, asset tracking, time and attendance, barcode scanners, barcode printers, and point of sale (POS) solutions. Wasp products help small business owners manage their companies more efficiently with improved productivity and profitability. Learn more at http://www.waspbarcode.com or call 214-547-4100.