In the preceding fourth quarter, net loss included interest and other income of $108,000 and a tax benefit of $(85,000). Net income in the first quarter of fiscal 2025 was $1.1 million, or $0.04 per diluted share, reflecting a one-time gain of $5.7 million on the sale and leaseback transaction related to the sale of the Company’s headquarters, compared to a net loss of $(5.1) million, or $(0.21) per diluted share, for the first quarter of fiscal 2024 and a net loss of $(4.3) million, or $(0.17) per diluted share, for the fourth quarter of fiscal 2024.
Summary Financial Results Table (in thousands, except per share amounts) Three Months Ended June 30, 2024Mar.31, 2024June 30, 2023Net revenues$4,671 $5,152 $5,587 Gross margin (%) 46.3% 51.6% 54.9%Operating expenses$6,818 $7,172 $8,208 Operating loss$(4,657)$(4,514)$(5,139)Net income (loss)$1,078 $(4,321)$(5,110)Net income (loss) per share, diluted$0.04 $(0.17)$(0.21) Lee-Lean Shu, Chairman and Chief Executive Officer commented, "First quarter revenue of $4.7 million was within our guidance range despite lower sales of SigmaQuad SRAM and lower sales of our SRAM products to military prime contractors.
Selling, general and administrative expenses were $2.6 million in the quarter ended June 30, 2024, compared to $3.0 million in the prior-year quarter and $2.4 million in the previous quarter. First quarter fiscal 2025 operating loss was $(4.7) million compared to an operating loss of $(5.1) million in the prior-year period and an operating loss of $(4.5) million in the prior quarter.
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