Peerless Systems Corp. (PRLS: Quote), a digital imaging and networking systems developer, Friday announced a wider loss for its second quarter as operating expenses overshot revenues and the company also incurred one-time loss related to sale of securities.
Net loss for the second quarter was $303,000 or a loss of $0.09 per share, compared to a loss of $138,000 or a loss of $0.04 per share in the prior year.
During the quarter, the company incurred a loss of $431,000 from the sale of marketable securities, compared with an income of $4,000 last year.
Operating expenses for the quarter exceeded revenues and totaled $493,000, but was lower by 19.6% compared with last year as the company resorted to cost control measures.
Net revenues for the quarter rose to $451,000 from $358,000 in the year ago period, when results were negatively impacted due to disruptions from the earthquake and tsunami in Japan.
Shares of Peerless Systems are currently trading at $3.79, down 11 cents or 2.82% on the Nasdaq.
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by RTT Staff Writer
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