Revenues
were
$1.5m,
down
from
$1.9m
a
year
earlier,
mainly
as
several
projects
under
development
for
the
US
Navy
neared
completion.
Net
loss
for
the
six
months
ending
31
October
was
$8.9m
versus
$11.8m
a
year
earlier,
costs
for
product
development,
sales
and
administration
declined.
Foreign
exchange
losses
also
declined
year-on-year.
Revenue
in
the
period
was
$3.4m,
a
slight
increase
from
$3.2m.
The
company
ended
the
quarter
with
an
$8.8m
contract
backlog,
an
improvement
from
$7.1m
in
the
first
quarter
ending
31
July.
This
includes
a
$3m
grant
from
the
European
Union
tied
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