MONTVALE, N.J.-Geotek Communications Inc. reported continuing net losses for the third quarter ended Sept. 30, despite significant increases in revenues.
Net loss for the quarter was $53.7 million, or 87 cents per share, compared with a net loss of $34.5 million, or 63 cents per share, for the third quarter last year. The company attributed the losses to the rollout of its digital network in the United States, subscriber acquisition costs, engineering and development expenses and enhancements to its Frequency Hopping Multiple Access-related equipment and applications.
Net product sales, primarily of the company’s FHMA infrastructure and systems, nearly doubled during the quarter driving total revenues up 63 percent to $39 million from revenues of $23.9 million for the third quarter last year.
“We have turned an important corner in our development, having concluded our third consecutive quarter of accelerated subscriber growth,” said Yaron Eitan, chairman and chief executive officer of the company. “We are now beginning to see a rise in the number of satisfied customers and they are deriving real value from our mobile business solutions.”
Net loss for the first three quarters totaled $130 million, or $2.30 per share, compared with a net loss of $92.2 million, or $1.69 per share, for the corresponding period last year.
