Venture capital consulting firm Berkeley Technology Ltd. (BEK.L, BKLYY.PK) reported Friday a narrower loss for the third-quarter ended September 30, 2009, driven by lower operating expenses.
Berkeley's third quarter net loss narrowed to $0.45 million or $0.01 per share from $1.0 million or $0.02 per share a year ago. Loss per ADS was $0.09 compared to $0.20 last year.
Third quarter total revenues remained flat at $150 thousand. The UK-based group operates in two business segments: venture capital consulting, and life insurance and annuities. Its principal subsidiaries include Berkeley International Capital Corporation and LPAL.
During the quarter under review, operating loss narrowed to $474 thousand from $826 thousand, thanks to lower operating expenses of $624 thousand, with selling, general and administrative expenses of $425 thousand and cost of services at $199 thousand. This compares with the prior year third quarter's operating expenses of $976 thousand, with general and administrative expenses of $758 thousand and cost of services at $218 thousand.
For the first nine months of 2009, the group reported wider net loss of $2.2 million versus $2.1 million, however, on a per share basis it was flat at $0.04 per share. Loss per ADS widened to $0.43 from $0.41 last year. Year-to-date total revenues declined to $397 thousand from $414 thousand last year.
Looking ahead, the group noted that, "given the challenges we face in the current economic environment, the level of consulting fees is expected to fluctuate depending on the nature and extent of our work at any point in time."
BEK.L is currently trading at 4.20 pence, on the LSE and BKLYY.PK finished Thursday's trading at $0.25, on the OTC.
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