Aether Cuts Losses on Reduced Revenues
Wireless truck tracking provider Aether Systems reported a net loss of $9.9 million on revenues of $27.2 million in the third quarter, an improvement from the $96.6 million it lost in the same period last year on revenues of $31.7 million.
Chairman and CEO Dave Oros noted that Owings Mills, MD-based Aether has substantially reduced its operating expenses as it attempts to become profitable. In the third quarter, operating expenses dropped to $20.5 million, compared to $28.7 million in the second quarter and $108.4 million in the third quarter of 2002.
“Reaching profitability in the short term remains a key priority, [so] we have continued to aggressively manage costs and reduce expenses,” Oros said. “While revenue was somewhat below expectations, we have continued to work at improving our overall financial position.”