CCUR Holdings, Inc.: CCUR Holdings Reports $8.3 Million Net Loss in 2Q FY 2021
DULUTH, GA / ACCESSWIRE / February 18, 2021 / CCUR Holdings, Inc. (OTCQB:CCUR) ("CCUR" or the "Company") on February 16 reported a net loss attributable to its stockholders of $8,333,000, or $0.95 per diluted share, for the second quarter of fiscal year 2021. This is the first quarter the Company reported a net loss and a loss per share after seven consecutive quarters posting net income and earnings per share.
Revenue for the quarter decreased to $1,197,000 compared to $1,787,000 during the prior year period. The revenue decrease was primarily due to merchant cash advance (MCA) revenue decreasing 27% to $1,046,000 compared to $1,440,000 in the second quarter of fiscal year 2020. Fiscal year 2021 second quarter revenue from interest on loans decreased 56% to $151,000, compared to $347,000 in the second quarter of the prior year. An operating loss of $13,876,000 was reported for the second quarter of 2021 compared to operating income of $591,000 in the same quarter of 2020. This loss is primarily attributed to the Company recording a $13,760,500 provision for credit losses on aviation advances. Other interest income and realized and unrealized gains on investments, net for the period totaled $3,840,000 compared to $2,361,000 in the prior year period.