Determine’s Loss Narrows After Carmel Move
Carmel-based Determine Inc. (Nasdaq: DTRM) is reporting a fiscal first quarter net loss of $2.3 million, compared to a net loss of $2.9 million during the same period last year. The results come after the company’s relocation in the quarter from Silicon Valley to Carmel.
Determine announced in June it was investing $700,000 to relocate its global headquarters. The move includes the addition of 24 high-wage jobs by 2019. Chief Executive Officer Patrick Stakenas says the company has strong momentum coming out of the fiscal first quarter.
"Our sales pipeline continues to build in a promising manner as prospects and current customers begin to become educated about the new integrated offering," said Stakenas. "From an operational perspective, we saw the meaningful results from the expense actions taken in the last quarter to manage and streamline the business, and we are committed to continue to efficiently drive the business towards profitability. As we continue to deliver through this critical product inflection point, I am optimistic about our upcoming quarter."
Just days after the relocation announcement, Determine reported a net loss of $14 million for fiscal year 2016.