PROVIDENCE — Software application company Nestor, Inc. posted a profit for the second quarter, and said revenues increased 3 percent over the same period last year.
Including a loss associated with investment in its affiliate, Nestor Traffic Systems (NTS), Nestor earned $512,000, or 3 cents per share, for the second quarter of 2001, compared to a loss of $803,000, or 4 cents per share a year ago.
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Revenues for the most recently completed quarter were $1.06 million, compared to $1.03 million a year ago.
According to Nestor spokeswoman Carolyn Beaudry, the loss associated with NTS was negligible.
NTS, the 35-percent owned affiliate of Nestor, specializes in traffic management and safety technology. On September 12, NTS and Nestor shareholders will vote on whether to merge the two companies.
In a statement accompanying the financial results, David Fox, Nestor’s president and CEO, said Nestor has decided to focus on the traffic management and safety market. “Through NTS, Nestor is pursuing the greatest growth opportunity in the company’s history. Because of this, we are committing our efforts and resources to reaping the benefits of this opportunity,” he said.
NTS makes CrossingGuard, a video-based device used at intersections to help prevent accidents due to red-light running. If it senses an automobile is about to run a red light, CrossingGuard delays the change of traffic signals for opposing traffic, and records the red light violation. NTS gets a percentage of the revenue generated from the resulting traffic ticket.
Earlier this month, NTS announced it had opened offices in San Diego, Calif., Athens, Ga., and Ponta Verdra Beach, Fla. as part of its expansion of its video-based intersection program.
