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ri-Tech Holding Inc. (TRIT: News ) Monday reported a profit for the third quarter that surged from last year, as revenues jumped 244%.

Net income for the quarter was $2.2 million, up 109% from $1.1 million in the same quarter last yaer. On a per share basis, earnings was $0.28 compared with $0.27 in the prior-year quarter. Shares outstanding increased sharpy to 7.93 million from 3.95 million in the year-ago quarter.

Revenue for the third quarter jumped 244% to $16.9 million from $4.9 million in the year-ago quarter, helped mainly by increases in the number and size of new contractual engagements.

Gross margin for the quarter decreased substantialy to 26.6% from 39.1% in the year-ago quarter, mainly due to increased rate in cost of revenue.

Looking ahead, for 2010, the company now anticipates revenues will reach $40.6 million. Net income is expected to reach $7 million.

Regards,

Don