During the period, we experienced a positive swing of $6.0 million from a net loss to net income attributable to common shareholders.While we incurred an operating loss for the three and six months ended October 31, 2016, on a comparable basis to the same periods in 2015, it improved 72.2% and 50.7%, respectively. Additionally, our backlog has increased 23.6%, from $13,200,000 to $16,325,000 since the start of this new fiscal year, which we anticipate will have a positive impact in the quarters ahead. Our goal remains getting the Company back to profitability through revenue growth, expense reductions and new strategic opportunities.” Financial Results for the Three Months Ended October 31, 2016 Revenue for the three months ended October 31, 2016 increased $1,024,000, or 26.8%, to $4,848,000, as compared to $3,824,000 for the same period in 2015.Such increase was due primarily to a $618,000 increase in revenue Suisun City Operations and a $405,000 increase in revenue in our newly established Texas Operations. WPCS generated a net loss to common shareholders for the three months ended October 31, 2016 of approximately $439,000, as compared to a net loss to common shareholders of $1,986,000 for the same period last year.This quarter’s results were comprised of income from: (i) Suisun City Operations of $338,000; (ii) other income of $118,000; and (iii) arbitration settlement income of $31,000, and which were partially offset by: (i) corporate expenses of $548,000; (ii) a loss from our newly established Texas Operations of approximately $357,000; (iii) deemed dividend on convertible preferred stock of $20,000; and (iv) interest expense of $1,000. Financial Results for the Six Months Ended October 31, 2016 Revenue for the six months ended October 31, 2016 decreased $24,000, or less than 1%, to $8,264,000, as compared to $8,288,000 for the same period in 2015.Such decrease was due primarily to a $692,000 decrease in revenue in our Suisun City Operations offset by $668,000 increase in revenues from our newly established Texas Operations. WPCS generated net income to common shareholders for the six months ended October 31, 2016 of approximately $118,000, as compared to a net loss of approximately $6,168,000 for the same period last year.This quarter’s results were comprised of income from: (i) Suisun City Operations of $546,000; (ii) gain on an arbitration settlements of $1,181,000; and (iii) other income of $122,000, which were partially offset by: (i) a loss from our newly established Texas Operations of $663,000; (ii) corporate expenses of $1,043,000; (iii) deemed dividend on convertible stock of $20,000;(iv) interest expense of $3,000; and (v) an income tax provision of $3,000.
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