XRS Corp. said Thursday its fiscal fourth-quarter loss narrowed from a year ago, while its adjusted earnings improved for the quarter and fiscal year.
The software technology company reported a loss of $300,000, or 3 cents a share, compared with a loss of $1.6 million, or 15 cents, a year ago.
Revenue for the quarter ended Sept. 30 slipped to $15 million from $15.3 million a year ago. Software revenue rose 5% to $12.2 million.
XRS Corp., which changed its name from Xata Corp. in August, at that time unveiled a technology platform called XRS, for Xata Road Science, the successor to its Xata Turnpike.
For the full year, XRS lost $10.5 million, or 97 cents a share, compared with a loss of $3 million, or 28 cents, a year earlier. Full-year revenue was unchanged at about $63 million.
Adjusted earnings for the quarter were $2.3 million, up from $200,000 a year earlier, while adjusted full-year earnings were $4.5 million, up from $4.2 million.
XRS boosted its research and development spending in the fiscal year to $14.8 million from $11.1 million the previous year, Chairman and CEO Jay Coughlan said in a statement.
Coughlan said the company was seeing “excellent results” testing its mobile solution, which it expects to unveil next spring.
