XATA logs weakened sales in fiscal 2Q

XATA Corp, Minneapolis MN-based provider of onboard fleet management systems for the commercial trucking industry, reported net sales of $1.7 million for its second fiscal quarter ended March 31, 2003, versus net sales of $3.3 million in the second quarter of fiscal 2002. The net loss for the quarter was $1.4 million, compared with a net loss of $855,000 in the second quarter of fiscal 2002.

For the six months ended March 31, 2003, revenue was $4.7 million, compared with $7.6 million for the prior-year six-month period. The net loss for the six-month period was $2.2 million, versus a net loss of $1.2 million for the prior-year six-month period.

Because of lower-than-anticipated revenue in the second fiscal quarter, the company has revised its fiscal 2003 revenue expectations. It now projects revenue for the full 2003 fiscal year to be essentially flat with the $13.2 million total for fiscal 2002.

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