Lattice, a provider of advanced information and communications technology solutions, today reported three and nine-month financial results for the period ended September 30, 2012.
Third-quarter revenues increased 7 percent to $2.73 million, as compared to $2.55 million for the comparable quarter of 2011. Sales from Lattice's Communications Services segment increased 80 percent year-over-year, accounting for 78 percent of total revenues and surpassing third quarter 2011 contribution of 46 percent.
The company narrowed its net loss by 89 percent to $0.11 million, as compared to a third-quarter loss of $0.93 million the year prior.
For the nine-months ended Sept. 30, Lattice reported a decrease of 4 percent in revenues to $8.62 million, as compared to $9.01 million reported for the comparable nine months of 2011.
Net income of $0.02 million was an improvement over a loss of $3.44 million for the same nine months of the year prior.
Looking ahead, the company anticipates continued strength in its Communications Segment.
"We anticipate growing interest in our proprietary technology will drive revenue acceleration in our communications business in the quarters ahead," Paul Burgess, CEO of Lattice stated in the press release. "Overall demand for our technology and direct services remains robust, both domestically and internationally.
"Cost-cutting efforts aided our ability to improve from a sizable net loss in 2011 to positive net income for the 2012 nine months period. Combined with the growth in our Communications Services segment, we anticipate a continued rebound in the current quarter."
For more information, visit latticeinc.com
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