Straight Path Communications Inc. (“SPCI”) (NYSE MKT: STRP), a communications asset company, announced total revenues of USD 0.2 million unchanged from the prior fiscal quarter and compared to USD 0.1 million in second quarter fiscal 2016, the company said.
Loss from operations of USD 25.8 million compared to loss from operations of USD 4.3 million in the prior fiscal quarter and USD 2.6 million in second quarter 2016.
The current quarter´s loss includes the full accrual of USD 15.0 million for a civil penalty relating to the FCC Consent Decree, USD 7.2 million relating to settlement of a putative Class Action litigation, USD 129 thousand of R&D expenses and USD 2.0 million in non-cash compensation related to the issuance and vesting of equity grants.
Straight Path Communications holds an extensive portfolio 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. It holds, licenses, and conducts other business related to certain patents through its Straight Path IP Group subsidiary.