Despite selling off its long-haul trucking and asset-tracking businesses, @Track Communications still racked up millions worth of losses in the first quarter of this year.
For the quarter, @Track lost $4.4 million on revenues of $15 million, compared to losses of $5.6 million on revenues of $22.4 million in the first quarter of last year. Richardson, TX-based @Track is trying to build up tracking business from fleets operating in metropolitan areas using its new Vehicle Management Information technology developed by its partner, Minorplanet Systems PLC.
According to @Track, it sold its long-haul trucking and other tracking businesses -- developed in its previous incarnation as HighwayMaster -- for $15 million in the first quarter in an effort to fund expansion into the metro fleet market. However, proceeds from that sale will not be booked until the second and third quarters of this year, the company said.