Electronic payments operator Dexit has cut its fourth quarter loss to $2.2 million from $2.5 million the year previous, seeing a 22% reduction in overheads.
Announcing its financial results for both the fiscal year and three-month period ending December 31, 2005, the company reported annual revenue of $4.8 million compared to $1.8 million for the previous year.
License fees earned from Bell Canada under the terms of the company’s merchant license agreement amounted to $2.75 million or 58% of revenue in 2005 versus $1.5 million or 85% of revenue in 2004.
The sale of RFID tags, POS terminals and RFID readers amounted to $1.65 million or 35% of revenue in 2005 versus $0.16 million or 9% of revenue in 2004.
The group attributed part the reduction in operating expenses to the recognition of refundable investment tax credits totaling $303,414 in the year relating to research and development expenditures made in 2003.