PROVIDENCE — Software applications company Nestor, Inc. released first quarter results yesterday, posting income of $818,000, or 5 cents per share.
During the year-ago period, Nestor lost $738,000, or 4 cents per share.
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Nestor’s revenues increased 42 percent for the quarter– from $1.2 million in the first quarter of 2000 to $1.7 million during the first quarter of 2001 — primarily due to a source code license agreement for the company’s PRISM ® family of fraud detection agreement to an alliance partner, Applied Communications, Inc., for $1.1 million. Under the terms of the agreement, ACI assumed 13 Nestor employees and related operating expenses, and will pay Nestor recurring royalties on PRISM contracts. The license eliminated Nestor’s ongoing obligations to support, develop, install and model products licensed to ACI customers under the prior license.
The license agreement has helped Nestor focus on the development of its traffic management endeavors, said president and CEO David Fox in a statement accompanying the first quarter results.
Nestor Traffic Systems, Inc. (NTS), Nestor’s 35-percent owned affiliate, recently teamed up with the University of Rhode Island Transportation Center to study red light running in Rhode Island. NTS will provide its video-based CrossingGuardVIP (TM) program to collect red light violation data, allowing URI to analyze and identify the rate and frequency of such violations. The Rhode Island Department of Transportation may then use the information to work on improving intersection safety.
