Accounts lost last year led to a dip in second-quarter revenue for In-Touch Survey Systems, the company announced Friday.
Second-quarter revenue of $2.2 million was down 21 per cent from the same quarter last year, but a reduction in the cost of services and operating expenses resulted in net earnings of $158,989.
In-Touch (TSX-V:INX) posted a net loss of $132,076 in the second quarter of 2013.
President and CEO Cameron Watt said the company anticipated lower revenue and the results were within its expectations. He said the company expects the lower revenue to continue throughout 2014.
“We are very pleased with the year-over-year significant turnaround in profits and increasing gross margin that we have been able to achieve despite the decline in revenue,” he said in a statement.
The company expects more pressure on net income over the rest of the year as it invests more in product development and support, Mr. Watt said, adding 2015 looks promising.
“We will be launching at least one new product in 2014, setting the stage for 2015 growth,” he said.