XATA Corp reports results for fiscal 2002
Jan 1, 2003 12:00 PM
XATA Corp has reported sales of $13.2 million for its 2002 fiscal year ended Sept 30, 2002, compared with $14.0 million for fiscal 2001. Fourth-quarter sales totaled $2.8 million, compared with $3.8 million in the fiscal 2001 fourth quarter.
On a Generally Accepted Accounting Principles (GAAP) basis, the net loss was $1.1 million for the fourth quarter and $4.1 million for the 2002 fiscal year. Excluding the effects of non-cash charges related to amortization and impairment of certain intangible assets and a third-quarter deferred tax charge, the pro forma net loss was $563,000 in the fourth quarter and $1.6 million for the fiscal year.
XATA believes the pro forma results better reflect its operating performance for the periods because they exclude the effects of certain non-cash or non-recurring charges. Charges included in the GAAP results that are excluded in the pro forma results are $547,000 for the three months ended Sept 30, 2002, and $2.5 million for the fiscal year ended Sept 30, 2002.
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