04:57 PM EST, 02/13/2025 (MT Newswires) -- Dye & Durham ( DYNDF ) after trade Thursday said came out of a fiscal second-quarter that featured a battle for control of the company with its loss halved as it met its own revenue forecast for the three months ended Dec.31, buoyed by growth in organic and annual recurring revenues.

In the end, a 10-month battle over the future of the software company ended in something of an anti-climax in mid-December as a slate of dissident directors ascended to the board in an uncontested election.

The company reported a loss of $17.6 million, compared to a loss of $34.8 million in the year-prior quarter

Revenue was up 10% to $120.7 million, in line with guidance. It had an Organic Revenue Growth Rate of 6.3%, while Annual Recurring Revenue was up 36% to $152.4 million, representing 34% of total revenue.

Adjusted EBITDA of $66.5 million was up $6.5 million or 11%.

The board of directors approved a second quarter dividend of $0.01875 per share, to be paid on or about February 27 to holders of record on February 20.

Hans Gieskes, the company's new board chair and interim chief executive, in a statement said, "Our focus is shifting away from acquisitions to organic growth through market-leading product innovation and improved customer support. As we continue our initial business review and work toward securing a permanent CEO, we remain laser focused on investing in our product suite and enhancing our market position."

The company's shares closed down $0.74, or 5.1%, to $13.75 on the Toronto Stock Exchange.