Intrinsyc Software International Inc lost $2.7 million in its first financial quarter, nearly double its $1.4-million loss a year earlier.
The loss for the quarter ended Nov. 30 amounted to five cents a share, compared with three cents per share a year earlier. It includes stock-based compensation expense of $204,000, up from $152,000.
The company attributed the greater first-quarter loss to $1.5 million spent on the development of mobile software products.
Revenue was $4.6 million, up 24 per cent from $3.7 million.
At the end of the quarter, Intrinsyc had cash of $11.1 million on hand.
Vince Schiralli, president and chief operating officer, said the “sales results of our core business are well ahead of our internal plan of record and we expect to continue to be ahead of plan throughout the remainder of the year.
Chief executive Derek Spratt added that “our feature phone product development and customer pursuits continue to progress according to our plan, which is to be the leading feature phone software provider in a market that represents more than 500 million handset units in 2005.
“We are now moving rapidly toward the commercial launch of our mobile software product offerings at 3GSM.”