Revenues continue to dwindle at Enablence in Q2

Troubled Ottawa-based optics manufacturer Enablence (TSXV:ENA) managed to shrink its losses in the second quarter even as revenues continued to drop.

The company’s revenues were halved during the three-month period that ended on Dec. 31, dropping to US$1.1 million from $2.2 million during the same period in 2012.

Enablence reported a net loss of $3.3 million, an improvement from $4.4 million the year before.

The company did not provide any more information about the reasons for the results. A news release published online simply contained a link to Enablence’s condensed consolidated financial statements.

The firm has been through a series of changes recently as it seeks to find more stability. A new CEO, Jacob Sun, replaced Louis de Jong last year.

Enablence’s accumulated deficit had grown to $84 million at the end of December from $78 million in June.

An auditor’s report attached to its first quarter financial results warned that “the existence of material uncertainties that cast significant doubt about the company’s ability to continue as a going concern.”