VANCOUVER, British Columbia-Modem maker Sierra Wireless Inc. reported better-than-expected fourth-quarter results of $34.6 million in revenues, a profit of $1.9 million and positive cash flow. The news sent the company’s stock up almost 15 percent to about $25.73 per share.
“Both the quarter and the full 2003 year met our business objective of profitable growth and exceeded our expectations,” said David Sutcliffe, the company’s chairman and chief executive officer. “Shipments of AirCards and embedded modules grew and North American revenues were up significantly during the quarter. New orders, including follow-on orders from existing customers, were above our expectations. Carrier testing and end customer beta trials of the Voq professional phone are well under way.”
Sutcliffe said the company expects to continue growing this year, with first-quarter expectations for net earnings of about $1.5 million.
Sierra Wireless’ revenues in the fourth quarter shot up more than 31 percent from the $26.2 million it reported in the previous quarter. The company reported a net loss of $900,000 in the previous quarter.
In other earnings news, wireless technology and data company 724 Solutions Inc. reported a slight gain in revenues, news that helped send the company’s stock up about 11 percent to $3.41 per share.
724 Solutions’ revenues in the fourth quarter clocked in at $3.2 million, up from the $3.1 million it reported in the previous quarter. The company’s net loss for the fourth quarter, $11.3 million, was up from the $3.9 million it reported in the previous quarter.
