Investors worry over Intrinsyc losses

Shares of Intrinsyc Software International Inc. dipped after the developer of mobile software reported a second-quarter net loss of $3.76 million.
Intrinsyc, which is based in Vancouver, British Columbia, said revenue edged up $4.37 million during the quarter, marking a slight increase over $4.2 million during the year-earlier period. But sales and marketing costs nearly doubled and development spending rose 24 percent as the company pushed its Soleus platform, which is designed to integrate telephony features with consumer-targeted features including cameras and media players on devices running Microsoft Corp.’s Windows Mobile platform.
“We are very pleased to report record quarterly revenue for the second quarter in a row, resulting in the best first half in the company’s history,” said CEO Glenda Dorchak. “These results were driven by another strong quarter for our engineering services business, which is concentrating on strategic customer engagements around our core competencies in wireless platform telephony, power management and board support package development.”
Investors were less thrilled, however, sending Intrinsyc shares down 9 cents, or 13 percent, to 58 cents on the Canadian Stock Exchange.