June 1, 2011
Quarterly Loss Reported By Southborough Firm
By Christina Davis
Southborough-based software company ViryaNet Ltd. swung to a $245,000 loss during the first three months of 2011, after reporting a $32,000 profit during the same period a year earlier.
Revenues at the company decreased 8.5 percent to $2.5 million.
The quarterly loss is the first for the company after eight consecutive profitable quarters. Memy Ish-Shalom, CEO of ViryaNet, said in a press release that the firm has "experienced delays in decision making by customers."
In response, the company has increased sales and marketing investments and made organizational changes to help close the financial gap.
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