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December 28, 2007 |
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CONNEXIONZ: Books NZ$356,025 Loss for Half-Year Ended Sept. 30 Connexionz Ltd has incurred a consolidated loss of NZ$356,025 in the six months ended Sept. 30, 2007, compared to a loss of NZ$317,531 in the corresponding period last year. Chairman Craig Boyce attributed the losses to: -- the board's decision to write down a portion of its intangible assets (NZ$214,099); -- unavoidable delays to the deployment of the Charlottesville contract; -- the additional cost for the development required to fulfill the Reading Borough Council project; and -- the decision of the Greater Manchester Public Transport Executive, for the time being, to discontinue fiscal support to maintain their RTPI system while they review their strategic plans. On the other hand, for the first time, Connexionz is simultaneously deploying three contracts, being Charlottesville, the University of Virginia and Reading Borough Council, collectively worth approximately NZ$2.2 million, the chairman continued. Consequently the company has had to incur considerable expenses in equipment and component purchases in addition to upfront technology development. The projects will be completed during 2008. Mr. Boyce pointed out that Connexionz traded profitably in October and November as revenues from the three contracts came on stream. The Reading Borough Council GBP370,000 (NZ$997,000) order involves upgrading all the existing buses with on board computers capable of displaying full motion video as well as supporting their new citywide WiMAX communications network. About Connexionz Ltd Christchurch, New Zealand-based Connexionz Limited -- http://www.connexionz.co.nz/ -- is a technology company that develops real-time vehicle tracking systems for the local and international markets. The company's products include city-side systems, airport buses, bus interchanges, the BusFinder and technical papers. Connexionz has a real time system for tracking a fleet of buses across a city, handling up to 10,000 vehicles and up to 2,500 routes. The Company's BusFinder signs provide passengers with information citywide at bus stops, within interchange buildings and in malls and restaurants. The Company has also customized their system to provide real time information for airport bus services. For the 12 months ended March 31, 2007, Connexionz reported a net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss incurred in the previous fiscal year. |
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