Newly-Relocated Company Reports Loss
Determine Inc. (Nasdaq: DTRM) is reporting a net loss of $14 million for fiscal year 2016, compared to a net loss of $13.8 million the previous year. The earnings report comes just days after the company announced it is relocating its headquarters from California to Carmel.
The company is also reporting a fiscal fourth quarter net loss of $4.8 million, compared to a net loss of $4.3 million during the same period the previous year. Chief Executive Officer Patrick Stakenas said despite the dip, he was pleased with the company’s performance on multiple levels.
"In the fourth quarter, we took the necessary actions to materially reduce expenses, which will solidly position the business for financial success in the coming quarters," said Stakenas. "I’m very excited as our team transforms the company with the launch of our new disruptive suite of technology, in combination with embracing the necessary financial discipline, we are well poised for great things to come in fiscal 2017."
On Monday, Determine said it would invest more than $700,000 to lease and equip a facility in Carmel, which will officially become the company’s global headquarters later this month. The company, which currently employs more than 160 people, expects to add 24 high-wage jobs by 2019.