Annual revenue up 5.7%
Canada-based Tranzeo Wireless Technologies has posted a net loss of C$2.11m, or C$0.08 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net income of C$8,021, or C$0 per diluted share, for the same period in 2007.
The company posted gross profit of C$853,458 for the fourth quarter of 2008, compared to C$1.31m in the same quarter of 2007.
For the full year 2008, the company’s revenue increased to C$19.4m from C$18.4m in 2007, representing an increase of 5.7%. Gross profit declined to C$4.55m for 2008 from C$7.1m for 2007.
The company posted a net loss of C$1.79m, or C$0.07 per diluted share, for the full year 2008, compared to a net income of C$951,288, or C$0.04 per diluted share in 2007.
Jim Tocher, president and CEO of Tranzeo Wireless, said: Our fourth quarter sales indicate that we are being impacted by the economic downturn. In response, we have implemented costs savings measures, including reductions to staff and streamlining of sales and marketing operations. We realized initial costs savings in the fourth quarter as a result of these initiatives and we believe we will continue to see the results of these cost savings measures in 2009.