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Mustang Software announced revenue was $755,000 for its third quarter ending September 30, compared with $2.6 million in the corresponding quarter last year. The company reported a net loss of $1.1 million, 33 cents a share, compared with $419,000 loss, or 12 cents per share, last year. The company said the loss is due to slower sales of its Qmodem 95 and Wildcat 5 products.