Steel Connect, Inc. reported a loss of -$19.5 million in its fiscal first quarter.
The supply chain business process management services company incurred a loss of -33 cents per share. The company’s revenue for the quarter came in at $125.4 million.
“During the first quarter, we felt the negative effects of reduced volumes in the direct marketing business and the global semiconductor shortages in our supply chain business," said Interim Chief Executive Officer and Executive Chairman Warren Lichtenstein. "We are continuing to implement the Competitive Improvement Plan in the direct marketing business that we previously announced, as we remain focused on creating long-term value for all our stakeholders."