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Slimmed-down Webtech Wireless reports Q4 profit at its continuing operations

By: The Canadian Press

Friday, Mar. 15, 2013 at 7:39 AM | Comments: 0

VANCOUVER - Webtech Wireless Inc. (TSX:WEW) had $2.8 million of net income from continuing operations in the fourth quarter, after adjusting for the recent sale of its NextBus transit information service, the telematics company reported Friday.

The Vancouver-based company, which provides products and services used to manage vehicle fleets, had $7 million of revenue from continuing operations in the quarter ended Dec. 31.

That was a few weeks before Webtech closed the sale of its NextBus unit to Cubic Transportation Systems (NYSE:CUB), for $20.75 million.

If a $4.8-million loss from discontinued operations is included, Webtech had a $2-million net loss in the fourth quarter. Revenue from discontinued operations was $2.6 million, up from $2.2 million in the fourth quarter of 2011.

NextBus provides real-time passenger information to public transit operators in the United States and Canada, including in Toronto.

Webtech's continuing operations had a $1.1-million net loss and $9.3 million of revenue in the fourth quarter of 2011.

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