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Technology / AI and automation

MICROGRAFX RECORDS $6.2M LOSS ON FALLEN REVENUE

Personal computer software graphics company, Micrografx Inc says it expects to see an improvement in its financial status by the second half of next year. The Richardson, Texas-based company reported losses of $6.2m for the year to June 30, and saw a 10.2% drop in turnover to $15.0m. The net losses include an exceptional charge of $2.3m from a write-off of in-process research and development in the fourth quarter, following its $3.5m acquisition of Oregon, Texas-based mapping, modeling and simulation tools firm, AdvanEdge Technologies Inc in July (CI No 3,194). The company is blaming its fall in turnover on a decline in retail sales following a drop in consumer activity in the US retail outlets. Micrografx says the past fiscal year has been one of transition that has seen it implementing a number of changes. Now those changes are complete, Microgrfx’s president and chief operating officer Doug Richard says it will concentrate on investing in its core business categories; enterprise graphics, personal creativity and Web graphics.

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CBR Staff Writer

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