By The Canadian Press

CALGARY - WellPoint Systems Inc. (TSXV:WPS) returned to profitability in the third quarter as revenues jumped almost 30 per cent while overall expenses were cut 60 per cent, the software company said Monday.

For the period ended Sept. 30, its net income was $2.7 million or five cents a share. That reversed a year-ago loss of $9 million or 19 cents a share when the company booked a $4.2 million writedown of deferred development costs, had a $700,000 currency exchange loss and had higher corporate and research and development expenses.

Wellpoint's, which serves the oil and gas industry, said its revenues grew to $9.9 million in the third quarter, buoyed by a combined 60 per cent growth in its software license and maintenance sales while its professional services revenues experienced a slight rise.

WellPoint generated $8 million revenues in the third quarter last year.

"Our third quarter results are further evidence that WellPoint's products are continuing to gain traction in key markets," said president and chief executive Richard Slack.

"Even through a difficult year in which unstable commodity prices and slow economic recovery negatively impacted many of our customers, we are seeing strong opportunity build for the Company's new and existing products."

During midday trading Monday on the TSX Venture market, shares of the company inched up 1.5 cents to 22.5 cents.