VANCOUVER – Radiant Communications Corp. (TSXV:RCN) reported Thursday a third-quarter net loss of $ 383,576 as the business computing services firm booked costs associated with a restructuring begun during the period.
The Vancouver-based company said its loss amounted to three cents per share and compared to net income of $ 45,005 or nil per share in the same period a year earlier.
“During this period we have restructured operations to increase efficiency and customer satisfaction, reviewed the product road map and reached out to many of our valued customers to determine how Radiant can improve our partnerships,” president and CEO Paul Healey said in a statement.
“We’ve made remarkable progress in a short time frame and I look forward to the opportunity to report on our path forward in the near future.”
Restructuring costs related to severance, legal fees and other items were $ 523,377 during the quarter. Earnings excluding the impact of income tax, depreciation and amortization were $ 455,617, up from $ 408,380 in the third quarter of 2010.
Revenues rose 3.1 per cent to $ 8.1 million.
Radiant provides retail chains and small to mid-sized businesses with data communications and cloud computing services.
Local news from metronews.ca/vancouver
About The Reporter
