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Abstract
DDS Wireless International Inc., a world leader in providing wireless data solutions for fleet management for more than 20 years, today reported financial results for the three and six months ended June 30, 2012 and announced that the Company's Board of Directors has approved a cash dividend on the Company's common shares ("Shares"). All financial information is expressed in Canadian ("CDN") dollars and has been prepared in accordance with International Financial Reporting Standards ("IFRS"), except as otherwise noted.
"Slower demand in Europe continues to characterize sales in the Taxi business unit, with enterprise solutions revenues lower than that of 2011. However, our Transit business unit shows growth due to the significant contracts we signed with MTA New York City Transit ("NYC Transit") late last year and increasing sales of MDT's through our partners from a rising adoption of our hardware in the transit market," continued Mr. Ghai.
Revenue declined 5% or $0.6 million compared to the three months ended June 30, 2011 and increased by 22% compared to the immediately preceding quarter. Revenues are lower compared to the same period last year due to lower revenues from the Taxi business unit (a decrease of $1.8 million), arising from declines in European enterprise solutions revenue, offset in part by growth through the unit's TaxiBook(TM) subscriptions. The Transit unit experienced an increase of $1.0 million in revenue from its continued activities under its NYC Transit project and through the additional sale of mobile data terminals ("MDT") to our partners.