Straight Path Communications revenues drop YoY

communications asset company Straight Path Communications Inc. (NYSE MKT:STRP), for its first quarter of fiscal 2017 (the three months ended October 31, 2016), total revenues were USD0.2 million compared to USD0.1 million in the prior fiscal quarter and USD1.7 million in first quarter fiscal 2016, the company said.

Loss from operations of USD4.3 million compared to loss from operations of USD3.9 million in the prior fiscal quarter and USD0.7 million in first quarter 2016.

Cash and cash equivalents of USD9.6 million at October 31, 2016, down by USD1.8 million from the prior quarter close.

Straight Path Communications holds, leases, and markets its extensive holdings of 39 GHz and 28 GHz wireless spectrum licenses through its Straight Path Spectrum subsidiary. Straight Path is developing next generation wireless technology through its Straight Path Ventures subsidiary. Straight Path holds, licenses, and conducts other business related to certain patents through its Straight Path IP Group subsidiary.