RALEIGH, N.C.—Oasys Mobile Inc.’s makeover has been expensive.
The company formerly known as Summus Inc. reported a net loss of $1.82 million in the quarter ended Dec. 31, up more than threefold from its net loss during the final quarter of 2004. The company lost $4.4 million in 2005, marking a 60-percent increase over the $2.76 million in losses the previous year.
Oasys rebranded two months ago, targeting teens and young adults with a “virtual locker” to store contact information and wireless content including ringtones, games and wallpapers. The feature is included in the company’s subscription service, which is available to subscribers of Cingular Wireless L.L.C., Sprint Nextel Corp. and T-Mobile USA Inc.
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The content provider reported $1.95 million in revenue, however, up 17 percent over the same period in 2004.
“During the fourth quarter, we focused the majority of our efforts on preparing the launch of OasysMobile.com,” said Chief Executive Officer Gary Ban. “We have generated a great deal of media attention and have successfully employed guerilla marketing tactics in order to drive traffic in a cost-effective manner.”
Shares of the company’s over-the-counter-listed stock remained unchanged at $1.50 per share following the news.