Peerless Systems (PRLS) is lower after the company reported that financial results for Q1, or the quarter ended April 30, 2014, declined from the prior-year period.
Shares are down 1.43% at $3.45, with a 52-week range of $3.39 – $3.90.
The company, which licenses imaging and networking technologies and components to the digital document markets, reported Q1 net income of $51,000 or $0.02 per share, compared with the prior-year period’s $135,000, or $0.05 per share.
Revenue was $547,000, down 50.3% from $1.1 million in the same quarter last year. The company attributed the decline in revenue to a large customer whose revenue dropped significantly during the three months ended April 30, 2014 when compared to the same period in 2013. The decrease in revenue is also attributable in part to the declining revenue trajectory from other OEM customers.
No analyst estimates were available for comparison.