Canada’s Dye & Durham (DND) posted a fourth quarter net loss of $34.8 million as its revenue fell 3% from a year ago.
The Toronto-based software company said the loss amounted to $0.52 per share for the quarter ended December 31, 2022.
The latest loss was much greater than the net loss of $4 million or $0.06 per share reported a year earlier.
The company’s revenue in Q4 totalled $106.7 million, down 3% from $109.6 million a year ago.
The company said it is likely to top its 10% cost reduction plan by the end of the current first quarter, with $17.8 million in annual salaries eliminated in the past six months.
Dye & Durham’s stock is down 27% over the last 12 months and trading at $20.52 per share.
