Xata Reports 2Q Profit; CEO to Step Down This Year

ransportation technology firm Xata Corp. reported a profit and record revenue for its fiscal second quarter ended March 31, and the company said its chief executive officer, Craig Fawcett, would step down later this year.

Xata earned $19,000 for the quarter or zero cents a share, compared with a loss of $1.6 million or 22 cents for the same period last year.

Fawcett will resign his post at the end of the year to resume an executive role at Deere & Co., from which he took a leave of absence to join Xata four years ago.

Xata said its growth was led by a 64% increase in shipment of its systems, including its Xatanet fleet-management technology.

“Although I would like to say that profitable results will continue, we still will require additional quarters for cost-control measures that we have implemented over the last year and our new model built around Xatanet to take hold before we can finally say that quarterly losses are behind us,” said Mark Ties, Xata’s chief financial officer.

The company in April named Thomas Schlick its first chief operating officer. (Click here for previous coverage.)