Transportation management systems provider Xata Corp. lost $855,000 in the second quarter of its fiscal 2002 on sales of $3.3 million, compared to profits of $162,000 on sales of $4.2 million in the same period of fiscal 2001.
"We continue to focus on our existing customers by enhancing our current products and are excited about the impending launch of our next-generation systems, the result of a major investment and commitment by Xata and its shareholders," said president & CEO Craig Fawcett.
Fawcett said those losses came from rising product development expenses, which shot up to $542,000 in the second quarter and over $1.1 million for the first six months of the company's 2002 fiscal year, just as product orders declined.
The company's new tracking and management system, Xatanet, is also not expected to provide positive revenue until next year, said Fawcett, so Minneapolis-based Xata continues to expect to report a net loss for fiscal 2002.
