Revenues continue to dwindle at Enablence in Q2

OBJ Staff
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Troubled Ottawa-based optics manufacturer Enablence (TSXV:ENA) managed to shrink its losses in the second quarter even as revenues continued to drop.

(Stock image)

The company’s revenues were halved during the three-month period that ended on Dec. 31, dropping to US$1.1 million from $2.2 million during the same period in 2012.

Enablence reported a net loss of $3.3 million, an improvement from $4.4 million the year before.

The company did not provide any more information about the reasons for the results. A news release published online simply contained a link to Enablence’s condensed consolidated financial statements.

The firm has been through a series of changes recently as it seeks to find more stability. A new CEO, Jacob Sun, replaced Louis de Jong last year.

Enablence’s accumulated deficit had grown to $84 million at the end of December from $78 million in June.

An auditor’s report attached to its first quarter financial results warned thatthe existence of material uncertainties that cast significant doubt about the company’s ability to continue as a going concern.”

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