"While market demand for our fleet management solutions shows signs of improvement, difficult overall economic conditions continued to influence our first quarter sales volume," said president & CEO Craig Fawcett.
He added that two new products developed by the company – OpCenter, a satellite-based fleet management system, and its upgraded Xatanet 2.0 Internet product – are not scheduled to be available for shipment until Xata's second fiscal quarter, so they have not yet had an impact on the company's financial results.
Minneapolis-based Xata said it expects its fiscal 2003 revenue to exceed that of fiscal 2002. However, the company expects to post a net loss for fiscal 2003 because of new product development and marketing costs.