PR software provider Cision reported third quarter revenue fell 12% to around $31.8M as net loss surged to $49.6M on a large write-down of goodwill in North America.
The company, which recently wrapped a balance sheet review and restated downward the previous year's U.S. earnings, weathered what CEO Peter Granat called a "difficult" three-month period.
Granat said the company elected to take a goodwill charge of more than $50M in the quarter over the decline in traditional print and broadcasting monitoring business in Canada.
North American revenue in Q3 fell 13.7% to about $23.9M.
"We are confident that one year post divestment [of Cision's print monitoring operation] and with the leadership changes we have made to the Cision US financial team, along with the improvements made to our financial processes and procedures, that this difficult period is behind us," said Granat.
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