PROVIDENCE — Integrated network solutions provider Log On America Inc. posted a loss for the first quarter, although it says revenues were up.
The company’s net loss was $4.74 million, or 64 cents per share, compared to a loss of $2.71 million, or 33 cents per share, during the year-ago period.
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Log On America reported first quarter revenues increased 52.6 percent compared to the same period last year — $3.6 million compared to $2.4 million. The company said its selling, general and administrative costs were $4.04 million, compared to $3.5 million during the year-ago period. The decrease was primarily due to a reduction in the company’s workforce, officials said.
Last week, Log On America announced it intended to sell its residential voice (TSR) accounts to United Systems Access, Inc. for some $850,000 to be paid over a two-year period.
Log On America’s stock closed at 41 cents per share yesterday. During the last 52 weeks, it has sold as high as $8.19 and as low as 25 cents.
