Research Solutions Inc. reported falling revenue and net income in its fiscal fourth quarter, as the company struggles with a transition from print to cloud-based distribution.
The Encino company, which provides copies of academic journal articles to scientists and researchers, reported a net loss of $600,000 (-3 cents a share) for the quarter ended June 30, compared to net income of $543,000 (3 cents) in the same period last year. Revenue fell 14 percent to $9.7 million.
No analysts follow the company.
The company is in the midst of a transition, as it moves toward becoming a digital-only operation.
Earlier this month, Research Solutions announced it had closed a subsidiary company in France after it was unable to find a buyer.
Techniques Appliques aux Arts Graphiques, or TAAG, which provided printed copies of articles to European customers, entered administration, the European equivalent of bankruptcy, on Sept. 15. The administrator has taken control of TAAG’s bank accounts, and a hearing is scheduled for Nov. 3 on how to liquidate the assets.
For the year, Research Solutions reported a net loss of $1.9 (-11 cents), compared to net income of $197,000 (1 cent) in the previous year. Revenue fell 20 percent to $26.5 million.
Shares closed down 3 cents, or about 4 percent, to 68 cents in over-the-counter trading.