Xata's revenues fall in fiscal 1Q

Fleet management system provider Xata Corp. said its revenues dropped to $3 million in the first quarter of fiscal 2003, down from $4.3 million in the same quarter of fiscal 2002. Xata added that it lost $854,000 in its first fiscal quarter, largely due to new product development costs. "While market demand for our fleet management solutions shows signs of improvement, difficult overall economic conditions
Feb. 3, 2003
Fleet management system provider Xata Corp. said its revenues dropped to $3 million in the first quarter of fiscal 2003, down from $4.3 million in the same quarter of fiscal 2002. Xata added that it lost $854,000 in its first fiscal quarter, largely due to new product development costs.

"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.

About the Author

Sean Kilcarr

Editor in Chief

Sean Kilcarr is a former longtime FleetOwner senior editor who wrote for the publication from 2000 to 2018. He served as editor-in-chief from 2017 to 2018.

 

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