CSP Inc slumps on lower sales, higher loss

CSP

14/05/2020 18:28

** Shares of information technology solutions provider
 CSPI.O  plummet as much as 26.3% to $7.51 in morning trade 
    ** Company posts $16.1 mln revenue in Q2 compared with $16.4
mln in 2019, as COVID-19 disruptions prevented the company from
operating at its full potential  urn:newsml:reuters.com:*:nGNX2JQ4QR
    ** Reports a loss of 18 cents per share in Q2 compared with
a loss of 15 cents per share a year earlier
    ** CSPI says services to cruise line business hit as
pandemic caused a slowdown in the sector   
    ** Suspends share repurchase program and cash dividends to
rein in costs and stay afloat during the pandemic
    ** Sees growing interest for some of its cybersecurity
solutions as enterprises are looking to upgrade digital
infrastructure to protect customers 
    ** Stock has fallen ~43% so far this year


 (Reporting by Shivani Kumaresan in Bengaluru)