MakeMusic, Inc. Reports 2010 Third Quarter Results: EPS of $0.07

MakeMusic, Inc. MMUS today announced financial results for the three months and nine months ended September 30, 2010. Net revenues for the three and nine months ended September 30, 2010 were $4,529,000 and $12,306,000, a 4% and 6% increase, respectively, compared to $4,346,000 and $11,661,000 for the same respective periods last year. The company also announced for the three and nine months ended September 30, 2010 net income of $241,000 and $76,000, or $0.05 and $0.02 per basic and diluted share, respectively. These results represent a decrease over the reported net income of $579,000 and $343,000, or $0.12 and $0.07 per basic and diluted share, respectively, for the same periods last year. Income tax expense was $196,000 and $82,000, respectively, for the three and nine-month periods ended September 30, 2010 compared to no income tax expense recognized in the comparable periods of 2009, which contributed to the decline in net income.