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.