VANCOUVER, British Columbia-PC card maker Sierra Wireless Inc. reported revenues of $21.9 million for the second quarter, a 57.5-percent decrease from the same period last year when the company posted revenues of $51.6 million. Net losses for the quarter were $26.7 million, or $1.05 per share. Gross margins were negative $5.9 million.
“The second quarter was a strategic turning point for our business. With the decision to exit the Voq initiative and the resulting restructuring, we have reduced our cost structure and refocused the company on our core PC card and embedded module business, where we have extensive experience, a well-established market position and believe there is significant growth opportunity,” said David Sutcliffe, president and chief executive at Sierra.
“During the quarter, we grew revenue by 9 percent over the first quarter, and we achieved product and business development milestones associated with new PC card and embedded module products under development. We expect these initiatives to provide the foundation for our planned return to profitability.”
Sierra said the restructuring and cancellation of its Voq Professional Phone initiative during the quarter cost the company $19.2 million.
