Font technology specialist Monotype Image Holdings (NASDAQ:TYPE) surged ahead in revenue this quarter. The company brought in $40.5 million in Q3, up 6.5% compared to $37.9 million in Q3 2012. The revenue boost was helped by a 20% gain in sales in its creative professional market, which markets, in CEO Douglas Shaw's words, "type-centric solutions that ensure brand integrity and creative expression."
While Monotype's revenue grew this quarter, its operating and net incomes declined. Income from operations dropped 6.1% from Q3 2012, to $11.7 million, and net income fell 11.5%, to $7 million.
Margins may be smaller, but Monotype's cash has increased significantly since this time last year. On its balance sheet, the company currently has $64.3 million to its name, compared to $39.3 million in Q3 2012.
Shaw is confident in Monotype's long-term growth potential. He said, it "has been reaffirmed with the announcement of a share repurchase program, which demonstrates our ongoing commitment to deliver value to shareholders." Monotype also has a new partnership with Google that will provide a version of Monotype's Typecase application on Google Fonts.
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