SOUTHBOROUGH, Mass.-ViryaNet, a provider of enterprise and mid-market wireless work force management solutions for the field service industry, recently announced a flurry of partnership announcements, and its positive second-quarter results show they must be doing something right.
The company said its total revenues for the second quarter, ended June 30, were $5.2 million, a 14-percent increase from first quarter’s $4.6 million. ViryaNet reported gross margins of 54 percent, better than the first-quarter’s 48 percent. And net losses were $4.9 million, or 23 cents per basic and diluted share, also an improvement from the first-quarter’s net loss of $7.6 million, or 35 cents per basic and diluted share.
“In the second quarter, we adjusted our business plan,” explained Win Burke, the company’s president and chief executive officer. “We reduced costs, we restructured our work force, we posted strong results, and we brought forward our goal to achieve break-even profitability from Q1 of 2002 to Q4 of 2001.”
