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Increased revenues from the Federal government, aided by recognition of funded development dollars, are reflected in the results for the second quarter.
The company's total revenue in the second quarter was USD19.8m, up from USD19.5m in the previous quarter and a rise from USD18.5m in the second quarter of the prior fiscal year.
Net loss for the second quarter was USD4.2m or USD0.14 per share, in comparison to a net loss of USD3.7m, or USD0.13 per share, in the previous quarter. In the second quarter of the prior fiscal year the company's net loss was USD47.5m or USD1.63 per share, a result of the impairment of goodwill and other intangible assets of USD43.9m, along with operating losses and charges for inventory reserves.
NET's second quarter net loss on a non-GAAP basis was USD3.1m or USD0.11 per share, as opposed to a net loss of USD2.0 million or USD0.07 per share in the prior quarter and a net loss of USD8.1m or USD0.28 per share in the second quarter of the previous fiscal year.
Non-GAAP income adjusts for stock-based compensation, amortisation and impairment of acquired intangible assets, restructure charges, gains from the early extinguishment of debt and other significant non-recurring items, including the separation charges related to changes in senior management.
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