IRT Corp. reported a $1.1-million net loss and $11.9 million in revenue for the fourth quarter ended March 31. The San Diego-based company reported a $2.7-million net loss and $13 million in revenue during the same quarter a year ago.
IRT reported a $576,000 net loss and revenue that rose 12% to $42.6 million for the year ended March 31, IRT said Thursday. The company reported a $4.4-million net loss for the previous fiscal year.
The past year's losses were generated by write-offs on terminated contracts, deferred overhead expenses and development costs for a printed circuit board inspection system.
Customers have accepted delivery on 10 of IRT's CXI systems that use X-ray cameras and artificial intelligence to inspect printed circuit boards. IRT has shipped an additional CXI unit valued at $550,000 to Hughes Aircraft, but the company has yet to accept delivery.
IRT Chairman Clifford V. Brokaw III previously had told shareholders that the company's former managers had underestimated the difficulty in producing the units for use by military contractors.
Brokaw acknowledged that it is taking the company "longer than earlier anticipated . . . (to) return to profitability and the higher growth rates of the company's early history."