VirtualScopics Reports 3rd Quarter Net Income of $0.98M

VirtualScopics, Inc. VSCP today reported revenues of $3,590,591 for the third quarter of 2010 compared to revenues of $2,797,680 in the third quarter of 2009, a 28% increase. Excluding work performed in 2009 for the Department of Defense under projects that ended in 2009, the company posted a 39% increase in revenues during the first three quarters of 2010 compared to the same period in 2009. Gross profit for the quarter ended September 30, 2010 was $1,894,312 compared to $1,596,327 for the quarter ended September 30, 2009. Operating income for the third quarter of 2010 was $400,235 compared to $189,326 during the third quarter of 2009, a 111% increase. Net income for the quarter ended September 30, 2010 was $628,699 compared to a net loss of $215,907 for the quarter ended September 30, 2009.