Cipher Data reported that net income fell...

Cipher Data reported that net income fell 25% to $1.3 million and revenue increased by 14% to $45.9 million for the third quarter ended March 31. Net profit remained stable at $3.3 million and revenue rose by 21% to $135 million for the first three quarters.

The earnings drop was caused by “losses from our optical subsidiary, Optimem, and close-out expenses related to our Garden Grove facility,” according to Cipher Data Chief Executive Gary Liebl.