Information Services Corporation (TSE:ISV) reported a 57% year-over-year increase in its first-quarter 2021 profit to $5.5 million, or $0.31 per share, as revenue for the period rose 32% to $39.1 million.
The company noted its Registry Operations performed well over the past three quarters, climbing 24% to $19.2 million, and said its indicators suggest that volumes should remain steady despite the pandemic.
“Our financial performance for the first quarter of 2021 was very strong, building on the strength we experienced in the third and fourth quarters of 2020. While the impact of the COVID-19 pandemic was evident in our second quarter last year, our business has performed remarkably well since that time,” Information Services Corporation CEO Jeff Stusek said in a statement.
READ: Information Services continues to grow its services and tech segments after a 'remarkable' 2020
“The robust year-over-year performance of our three segments is due to a combination of strength in specific economic drivers in Registry Operations, focus on new customer acquisition and growth in Services, and successful delivery and implementation of technology in Technology Solutions,” Stusek added.
Information Services Corp said its Services segment revenue increased 37% to $16.2 million, while its Technology Solutions segment sales rose 28% to $6.0 million.
The company ended the quarter with $30.4 million in cash as of March 31.
Information Services Corporation provides registry and information management services for public data and records and is focused on sustaining the core registry business while pursuing new growth opportunities.
The Saskatchewan-based firm has a host of diversified, yet complementary revenue streams through its three business segments: Registry Operations, Services and Technology Solutions.
Under its registry segment, the group manages and operates the Saskatchewan Land Registry on behalf of the government of Saskatchewan under a 20-year deal.
Contact Sean at sean@proactiveinvestors.com