Paradigm (OTCBB: PDHO) provided an update for the fourth quarter and fiscal year ended Dec. 31, 2010, noting fourth quarter revenue growth of $11.8 million and $35 million for the full year of 2010.
“Our fourth quarter 2010 performance enables us to enter 2011 in a very positive position, ” CEO Peter LaMontagne said. “We believe that our substantially more positive financial results indicate the continued success of our strategy to be a leading cybersecurity solution provider. For the second quarter in a row, we achieved both sequential and year-over-year revenue growth and increased profitability, along with our annualized revenue run-rate growing to more than $47 million. In addition, continued execution of our business development strategy has enabled us to add contract vehicles and new task orders which increase our distinct cyber-defense programs to nine. We believe that demand for cybersecurity services and sustained sharp focus on our strategy positions us well to grow over the longer-term.”
“Paradigm has emerged in 2011 in a much stronger position than where we started in 2010, ” CFO Rich Sawchak said. “Revenue growth, profitability and the fundamentals of our balance sheet have all improved. The 2010 year-over-year EBITDA trend is particularly noteworthy with more than a 50% increase over the full year of 2009. Also encouraging is that our growth is coming from markets, primarily cybersecurity and mission critical infrastructure, where we believe government spending trends appear to remain strong.”