Dye & Durham reports $34.8M quarterly loss, revenue down from year ago

TORONTO – Dye & Durham Ltd. reported a net loss of $34.8 million in its latest quarter as its revenue edged down three per cent compared with a year ago.

The legal software company says the loss amounted to 52 cents per diluted share for the quarter ended Dec. 31.

The result compared with a net loss of $4 million or six cents per diluted share a year earlier.

Revenue in what was the second quarter of the company’s financial year totalled $106.7 million, down from $109.6 million a year earlier.

The company says it is on track to top its 10 per cent cost reduction plan by the end of its third quarter, with $17.8 million in annual salaries eliminated in the first six months of its 2023 financial year.

CEO Matt Proud says the company continues to take actions to fortify the business in the current challenging environment.

This report by The Canadian Press was first published Feb. 13, 2023.

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