ended March 31, 2003, compared to net sales of $3.3 million in the second quarter last year.
The net loss for the quarter was $1.4 million, or $0.20 per share on a basic and diluted share basis, compared to a net loss of $855,000, or $0.12 per share, in the second quarter of fiscal 2002.
For the six months ended March 31, 2003, revenue was $4.7 million, compared to $7.6 million for the prior-year six-month period. The net loss for the six-month period was $2.2 million, or $0.32 per share on a basic and diluted share basis, compared to a net loss of $1.2 million, or $0.18 per share, for the prior-year six-month period.
Because of lower than anticipated revenue in the second fiscal quarter, the company has revised its fiscal 2003 revenue expectations and currently projects revenue for the full 2003 fiscal year to be essentially flat with the $13.2 million total for fiscal 2002.
"Although our second quarter net sales were weakened by recent economic and political uncertainties, we are optimistic on a go-forward basis due to improved activity in our core market," said Craig Fawcett, XATA president and chief executive officer.
The company reported the following recent developments:
-- Began customer shipments of the new XATANET 2.0 web-based fleet management solution to many customers who placed orders over the past several months;
-- Entered into an agreement with a major truck leasing company to offer XATANET to their lease customers throughout North America
-- Began customer shipments of affordable two-way satellite communications with the firm's OpCenter fleet management solution.
"We continue to be enthusiastic about our future," said Fawcett. "The general availability of our XATANET 2.0 system, enabled with affordable satellite communications, is the culmination of our product development focus for well over a year. Coupled with our proven Windows-based OpCenter product line, we believe we offer an unparalleled array of onboard fleet management solutions for commercial trucking fleets."