The loss compared with $142,923 in net income for 2013. Revenue for the most recently ended year was $13.5 million, down from $15.3 million the prior year. The bottom line was also hurt by a $400,000 write-down of SmartPros' deferred tax asset.
The company said the drop in revenue stemmed primarily from a decline in live training and course usage of its accounting library. Revenue for the accounting/finance division dropped by $1.6 million to $10.8 million.
The company noted the steps it had taken in the Back-to-Basics program that also included a reduction in overhead related to development and reducing expenses related to large customer accounts that have shown a drop in revenue.
"Although these changes will decrease revenues, we are focusing our attention on products with higher returns including our accounting subscriptions, CPE Administration services and licensing of our software products," CEO Allen Greene said in a prepared statement.