Revenues Surge, Enabling Smart Online To Slash Its Losses

, a provider of business applications through software as a service model, virtually broke even in the second quarter.

Smart Online (stock ticker SOLN) said revenues increased 228 percent from one year ago to $1.33 million. The company lost $28,000 for the quarter compared to an $861,000 loss in 2005.

The company's stock traded at $1.50 on Monday, up 45 cents.

Losses included $300,000 in legal expenses related to an on-going Securities and Exchange Commission investigation of the company as well as its own internal investigation.