VANCOUVER, British Columbia-Sierra Wireless Inc. reported $27.5 million in revenues and a net loss of $3.1 million for the third quarter. The company also scored a new chief executive, Jason Cohenour, a Sierra veteran who was appointed the company’s chief operating officer last year.
Sierra’s stock was down slightly after the news to about $11.16 per share.
Sierra’s third-quarter results were down from the $59.1 million in revenues and net earnings of $7.1 million, or 27 cents per diluted share, it reported in the same quarter last year.
However, the company’s revenues beat guidance of $24 million.
“During the third quarter we saw continued improvement in the financial metrics of our business, including a 25-percent increase in sales over the second quarter, higher gross margin and lower operating expenses. This resulted in a lower net loss and reduced cash utilization,” said David Sutcliffe, the company’s outgoing president and chief executive officer.
