XRS Corp. reported its net income declined in its fiscal third quarter, and revenue declined.
The telematics provider’s income was $80,000 in the quarter ended June 30 compared with an income of $229,000 a year earlier. Revenue fell to $12.8 million from $13.4 million.
“It’s been an impressive quarter for customer growth, and we are pleased that over 190 fleets chose our XRS platform as their fleet management and compliance solution,” XRS Chairman and CEO Jay Coughlan said in a statement. “During the quarter, we successfully launched additional fuel tax and trip management functionality, supporting our commitment to deliver the best product to fleets of all sizes.”
XRS said its mobile software revenue rose 19%, but total software revenue fell $399,000.
Research and development costs increased in the quarter as the company released new device functionality allowing XRS to meet requirements of larger, more complex fleets.