VANCOUVER, British Columbia—Wireless enterprise software company Infowave Software Inc. announced preliminary results for the first quarter, showing decreasing revenues and a drop in its net losses.
“Despite disappointing financial results, our sales funnel remains strong and we have seen increased interest among Fortune 500 companies to engage in pilot projects,” said Thomas Koll, the company’s chief executive officer.
Infowave said it expects to report revenues of between $300,000 and $350,000, compared with the $535,000 the company earned in the previous quarter. Infowave expects a net loss of up to $3.6 million, slightly down from the net loss of $3.8 million in the previous quarter. The company said it expects to have cash and cash equivalents of $7.1 million at the end of the quarter, ended March 31.
The company’s stock fell almost 10 percent after the news to about 46 cents per share.
