Transport Topics Online  
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
8/18/2014 2:00:00 PM Write a Letter to the Editor Write a letter to the Editor

WebTech Wireless Reports Second-Quarter Loss


WebTech Wireless

WebTech Wireless, a supplier of GPS location-based and fleet-telematics services, reported a second-quarter loss of C$1.6 million compared with a profit of C$966,000 a year earlier.

Revenue declined to C$7 million from C$8.1 million the year before, the company said in a statement.

“We feel that the company’s sales are not reflecting their potential given the recent rollout of several new product offerings and technologies,” WebTech Wireless CEO Scott Edmonds said in a statement.

As part of its second-quarter earnings statement, the Vancouver, British Columbia-based firm reported it discovered almost a million dollars had been diverted from its now-defunct U.K. operations from 2009 to 2012.

“We are confirming that we have a liability of C$0.8 million at June 30, 2014, related to the fraudulently diverted funds, including interest,” Chief Financial Officer Trevor Greene said in a statement.

While we intend to attempt to recover the diverted funds through our crime insurance policy or other avenues, no provision for recoveries of the fraudulently diverted funds are included in these financial statements, nor are the costs of the investigation into the fraud. Such charges, and any potential recovery, will be recognized in future reports,” Greene said.

By Transport Topics

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2014, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising

TFM

EMU
iTech
© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement