Serenic, which markets the Navigator NFP accounting line based on Dynamics NAV, lost $317,052 in the most recently ended quarter, compared to $179,699 in red ink a year earlier while revenue fell to $2.6 million from just under $3 million. All figures are in Canadian dollars. The new maintenance program, the Total Care Plan, provides higher costs for direct clients who now receive unlimited product support and a free upgrade "to the subsequent versions of Serenic Navigator, subject to certain conditions." Those conditions were not spelled out in the earnings press release. Serenic also said that during the quarter it hired a California company to integrate HR functions with its payroll product. Serenic anticipates releasing a cloud-based payroll product with HR functions during the third quarter of fiscal 2014.
SERENIC SLUMPS IN Q1 Featured
Serenic's loss grew by 76.4 percent on an 11.7-percent slide in revenue for the first quarter ended May 31. The Canada-based company said as a result it had re-organized its marketing department, hiked fees for support for customers who purchase its products directly and hired a new product manager for its human capital management products.
