HighwayMaster still lost money last quarter, but the numbers are looking better than they did last year.
The cellular-based communications provider posted third quarter '99 revenues of $29.1 million, up significantly from revenues of $15.2 million in third quarter '98. The company's net loss for the period was $6.2 million versus a loss of $18.5 million same period a year ago.
Revenues for the first nine months of '99 totaled $79.4 million versus $48.6 million the same period last year. Net year-to-date loss is $5.6 million versus $44.1 million.
"Our financial performance reflects the continuing success of our turnaround," said Jana Bell, president and CEO. "We are experiencing significant improvement in revenue growth, service margins and cash flow while continuing to maintain tight discipline on our operating costs." Bell also said she believes HighwayMaster's revenue growth potential has been enhanced with the recent introduction of its TrackWare trailer tracking product.