XRS Reports Loss in Fiscal Second Quarter
XRS Corp. reported a net loss in its fiscal second quarter, and revenue declined.
The telematics provider’s net loss was $731,000 in the quarter ended March 31 compared with an income of $176,000 a year earlier. Revenue fell to $12.8 million from $14.5 million.
“The acquisition of 90 new mobile customers of various sizes served to highlight the second quarter of fiscal 2014,” XRS Chairman and CEO Jay Coughlan said in a statement. “We continue to focus on our XRS mobile solution by adding and enhancing functionality, including aligning with strategic third-party providers to meet the industry's integration requirements.”
XRS said its mobile software revenue rose 8%, but total software revenue fell $900,000.
The drop in overall revenue was due to customers switching to the XRS mobile platform from its legacy hardware-based platform, the company said.
