CSI shares fell 33 cents, or 16.67 per cent, to $1.65 in early trading on the Toronto Stock Exchange.
Earlier, CSI reported a loss for the three months ended Dec. 31 of $5.8 million or 13 cents a share, compared with a profit of $904,000 or three cents per share for the same period last year.
Sales for the quarter ended Dec. 31 fell to $20.7 million from $24 million the year before, and were affected by seasonality in the farming market.
For the year, the company reported a loss of $9.2 million or 23 cents per share versus a year-ago profit of $4.3 million or 13 cents per share.
CEO Stephen Verhoeff said “2005 turned out to be a challenging year financially for CSI Wireless.”
“However, the strategic changes that we have implemented in 2005 position the company to generate long-term value.”
CSI Wireless designs and manufactures wireless and GPS products for mobile and fixed applications in the agriculture, marine, automotive and other industries.
