Ditech Posts Revenue of $14 Million, Down 35% YoY

Ditech Networks reported quarterly revenue of $14.0 million, a decrease of $7.6 million, or 35%, from revenues of $21.6 million in the same quarter of the prior fiscal year and a decrease of $5.2 million, or 27%, from revenues of $19.2 million in the preceding quarter. GAAP net loss for the quarter was $1.0 million, a decrease compared to the GAAP net income of $1.5 million in the same quarter of the prior fiscal year and a decrease compared to the GAAP net income of $0.7 million in the preceding quarter.



"We're disappointed in the results of the current period, and we've embarked on a number of changes," said Ed Harper, Ditech's Chairman of the Board and Interim CEO. "First, we will be looking to make any changes necessary to focus the company on closing its current opportunities. We'll also be focused on reducing non-essential spending while maintaining the critical mass and expertise to grow the business. Finally, we are moving ahead diligently in our search for a new CEO to lead the company forward on a long- term basis."http://www.ditechnetworks.com/