VANCOUVER, British Columbia—Wireless enterprise software provider Infowave Software announced dismal fourth-quarter results, showing a 30 percent drop in revenues from the same quarter last year and a net loss of $4.8 million.
The company reported revenues of $534,867, compared with $768,544 in the same period last year. Infowave’s revenues for the year totaled $3.1 million.
“Unlike the industry’s forecast, the market for wireless data access did not develop as rapidly as we had hoped,” said Thomas Koll, the company’s chief executive officer. “The adoption rate has been disappointing and we have had to adjust our strategies as a result.”
However, Koll said the company continues to strengthen its position in the market, and that it is capitalized through this year.