Spectrum reports $714,000 loss

It reported operating revenue of $4.3 million, a 43 percent rise. Spectrum reported a pre-tax operating loss of $541,000, compared with a loss of $952,000 the previous year.

Spectrum's wholly owned subsidiary, Kinetiq, drove revenue growth though international expansion, global partnerships, entrance into the gas industry and the development of its flagship product, PV2, mainly used in the electricity industry.

The company said Kinetiq extended its worldwide reach in fiscal 2002 with the acquisition of its former joint venture company, Utility Settlement Ontario, and partnership with Intergraph Corporation, a provider of geographical information systems.

This partnership is enabling Kinetiq to leverage Intergraph's sales force in more than 80 countries.

Chief executive Gavin Mitchell said Kinetiq was "progressively moving towards profit", and over the past year had increased the scale of PV2 implementations, boosted average licensing fees and generated greater revenue from professional services.

The loss per share narrowed to 0.23 cents from 0.34 cents. No dividend was declared.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.