VANCOUVER – Webtech Wireless Inc. cut its net loss in the fourth quarter to $ 934,000 from $ 8.2 million a year earlier when it took a large writedown.
The Vancouver-based company, which develops, manufactures and supports technology to improve the performance of vehicle fleets, said revenues grew four per cent to $ 11.4 million on higher recurring revenues.
Excluding currency fluctuations, revenues were up by seven per cent.
For the full year, the net loss was cut by more than half to $ 7.3 million from $ 15.4 million in 2010. Revenues were flat at $ 41.4 million.
Gross margins in the fourth quarter increased to 52 per cent of total revenue from 36 per cent in the prior year, while operating expenses dropped 23 per cent to $ 5.7 million in the quarter.
Margins were also positively impacted by a drop in the cost of sales resulting from the shift away from in-house manufacturing as well as other costs savings related to the restructuring program.
On the Toronto Stock Exchange, Webtech’s shares gained one cent to trade for 31 cents.
Local news from metronews.ca/vancouver
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