Magor Corp. (TSX-V:MCC) reported another loss during the first quarter of its 2014 fiscal year.
© Joël Côté-Cright
Mike Pascoe, CEO of Magor Communications.
The Ottawa-based videoconferencing company reported a net loss of $1.7 million during the three-month period that ended on July 31.
That’s compared to a net loss of $1.3 million during the same period last year and a $3.6 million loss during the fourth quarter of 2013.
Revenue during the period was down from the previous year, dropping to $196,537 from $394,194.
The company blamed the results in part on a $500,000 shipment that will not be recognized until next quarter, according to a press release.
Gross profit was also down during the fourth quarter to $52,283 from $207,890 for the same period last year.
But the company said its new cloud-based videoconferencing service, Aerus, is catching on.
“We have been successful at securing service trials from more than 20 carriers and solutions integrators across the globe aimed towards deploying Aerus into their markets,” said Mike Pascoe, the company’s president and CEO, in a statement.
“Approximately half of these opportunities are large Tier 1 and Tier 2 carriers and we expect more to be added over the next quarter.”
The company is in the process of raising over $1 million through a brokered private placement.