05:25 PM EDT, 09/11/2024 (MT Newswires) -- Haivision Systems ( HAIVF ) after trade Wednesday said it swung to a fiscal third-quarter profit despite weaker revenue.

The video-technologies company said it earned $0.4 million in the quarter ended July 31, compared with a loss of $0.9 million in the year-prior quarter. Revenue was $30.6 million, down from $35 million a year ago.

The company said the revenue drop was "partially the result of delays in the US budget approval, but also reflect our transformation away from the bespoke 'integrator' model and our success in the long-term rental program."

Per share results were not disclosed.

Total expenses for the quarter stood at $21.9 million, down $3.8 million from a year ago, mainly due to recently completed restructuring efforts, the company added.

Haivision ( HAIVF ) shares closed down $0.14 to $6.85 on the Toronto Stock Exchange.