Tracking technology provider Xata Corp. said its revenues declined during fiscal 2002 compared to the previous year, primarily due to the poor economy.
Minneapolis-based Xata said sales totaled $13.2 million in fiscal 2002, down from $14 million in fiscal 2001. For its fourth quarter, Xata said sales compared to the fourth quarter of fiscal 2001decreased by $1 million, dropping to $2.8 million.
The company lost $4.1 million for fiscal 2002, largely due to a $2.5 million deferred tax charge, $3 million in product development expenses and $567,000 charged in its third quarter to cover the "impairment" of certain assets. For its fourth quarter, Xata said it lost $1.1 million. To increase its available working capital, the company said it has opened a $2 million line of credit with a local lending institution.
"While demand for information technology products, including our onboard information systems, is beginning to rebound, this trend is too recent to have positively impacted our fourth quarter sales volume," said president and CEO Craig Fawcett. "However, we have experienced strong initial interest in XATANET 2.0, our new Web-based fleet management solution and believe that system increases our ability to penetrate the over six million commercial trucks operated by private fleets in the U.S. That makes us optimistic about the new calendar year."