SYDNEY -- Altium reported September quarter sales rose 7% year-over-year to $11.4 million as the company's financial picture continues to improve.

The printed circuit board design software company's cash on hand more than doubled at quarter's end to $12 million.

The announcement came on the heels of the firing of Altium chief executive and founder Nick Martin. The Altium board let Martin go on Oct. 15 after disagreements as to the company's financial performance and shareholder returns. It named named executive vice chairman Kayvan Oboudiyat CEO.

The September quarter continued the streak of improvement's Altium has show since relocating to Shanghai from its longtime home in Sydney. For the fiscal year ended June 30, Altium's revenue rose 14% year-over-year to $55.2 million, and the company reported an-after tax profit of $6 million, up from a loss of $7.1 million the year before.

Altium owns about a 6% share of the worldwide PCB design software market, by revenue, making it the fourth-largest vendor after Mentor Graphics, Cadence and Zuken.

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