Richmond-based Epic Data International Inc. (TSX-V:EKD) reported a net loss in its third quarter due to continued spending declines by customers for its manufacturing operations management systems.
The company reported a net loss of $317,000 for the period ending June 30 primarily due to a 23.8% decline in revenue to $1 million from $1.4 million in the same period last year.
To curtail costs, the company cut general and administrative expenses by 26.5% and product development costs by 9.4%.
For the nine-month period, revenue fell 25% to $3.6 million from $4.8 million, contributing to a net loss of $768,000 compared with a small profit of $93,000 in the same period last year.
This week, the company announced it had won a contract by a leading U.S. defense contractor to enhance its manufacturing system by providing new labour management software functionality. The project is expected to be completed by the end of the year.
Epic Data’s share price range during the past week: between $0.04 and $0.085; 52-week high: $0.33: 52-week low: $0.035.