OWINGS MILLS, Md.-Mobile data company Aether Systems Inc. reported a declining net loss and slightly increased revenues for the first quarter, but the news seemed to do little to bolster investor confidence.
Aether scored revenues for the first quarter of $29.2 million, up from the $23.7 million it reported in the same quarter last year. The company’s net loss was $12.4 million, down from the $55.6 million net loss in the same quarter last year.
The company’s stock was down about 9 percent following the news to about $3.85 per share.
“Aether continues to move closer to profitability,” said Dave Oros, the company’s chairman and chief executive officer. “This quarter marks two years of steady improvement in many key financial metrics including gross margins and adjusted operating expenses.”
In the coming quarter, Aether said it expects revenues of $29 million, plus or minus 2 percent. The company said it expects to continue to improve its operating loss.
Separately, the company announced it scored a multimillion dollar contract with Hamilton County, Ohio, to provide wireless public safety software and systems. The company’s PacketCluster Patrol and PacketWriter programs will be installed in over 650 patrol vehicles throughout the law enforcement agencies within Hamilton County.
