- Straight Path Communications (NYSEMKT:STRP) is up 1.4% this afternoon, turning up from an opening decline after fiscal year earnings showed a decline in allocated revenue along with new spending.
- For fiscal 2016, the company posted revenues of $2.2M, down from 2015's $13.2M. Loss from operations was $9.1M vs. a year-ago gain from operations of $0.3M.
- New spending in fiscal 2016 included $1.3M in research and development, $855,000 toward equipment for marketing to new spectrum lessees, and $1.4M for litigation/regulatory matters.
- "Spectrum lease revenue is trending upwards," says CEO Davidi Jonas, mainly due to new point-to-multipoint sector leases, "and we expect continued quarter over quarter growth."
- Cash and equivalents were $11.4M at July 31.
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Conference call to come at 4:15 p.m. ET.
- Press Release