Cedara results boom as new CFO named

On the financial ropes less than two years ago, Cedara Software is fighting back. The company achieved a 50% boost in revenues in the three months ended March 31 to $13.5 million compared with $9 million in the third quarter of 2003. Net income for the quarter was $5.1 million, compared with a net loss of $1.6 million in 3Q the previous year. Contributing heavily to the company's improved financial picture were three major agreements Cedara struck with OEMs. Revenues from one of these were recognized in the recent third quarter. Substantial revenues from the other two are likely to be recognized next quarter. In reporting the financial results, Cedara announced the appointment of Brian Pedlar as chief financial officer. He previously served as Cedara's director of finance and administration.