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724 Solutions announces third quarter 2003 results

Thursday 30 October 2003 20:46 CET | News

724 Solutions has reported results for its third quarter ended September 30, 2003. 724 Solutions total revenue in the third quarter was $3.1 million compared to $3.0 million in the previous quarter and $5.6 million for the same period last year.

Revenue from the sale of products was $1.7 million and revenue from the sale of services was $1.4 million. Pro forma net loss for the third quarter was $2.6 million, or $0.43 per share, compared to $2.9 million, or $0.49 per share, in the previous quarter and $2.6 million, or $0.43 per share, in the same period last year. The Companys pro forma net operating expenses were $5.7 million in the third quarter compared to $5.9 million in the previous quarter and $8.1 million in the same period a year ago. The net loss for the third quarter of 2003, computed using generally accepted accounting principles (GAAP), was $3.9 million or $0.64 per share, compared to $6.8 million or $1.14 per share in the previous quarter and $21.5 million or $3.60 per share in the same period a year ago. The Company ended the quarter with $18.9 million in cash, cash equivalents, short-term investments and restricted cash. The total cash used in the third quarter was $6.4 million, including an operating cash use of $2.7 million and cash restructuring and non-recurring payments of $3.7 million. XSAM is powering Digis Content Provider Access service, which is a critical strategy for Digi to open its network to independent content providers to offer premium SMS and MMS content and services directly to mobile subscribers.


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Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce