Altris Software Inc, the deeply troubled document management software company from San Diego, California, limped through another quarter of losses to the end of June, but there was still no news of a re-financing initiative for the cash strapped company. Second quarter net losses fell to $1.7m from losses last time of $2.3m but revenues also fell by 25% to just $3.5m, although revenues made a small improvement sequentially. Meanwhile, cash reserves fell from $2m in December to just $680,000 at the end of June. Net losses were hit by $500,000 of additional accountancy and legal expenses due to the company’s books being rummaged through by the auditors following a revenue re-statement debacle earlier this year. But losses excluding restructuring and additional one-off expenses were still in excess of $1m for the quarter. CEO Roger Erickson said the plan now was to generate new orders from existing customers, which could prove tricky given Altris’ lack of long term security. The sequential revenue increase of $500,000 over the march quarter was, Erickson admitted, driven mainly by sales of other peoples products.
