Overall, gross profit for the three months ended December 31, 2012 decreased by 15% to $388 and 13% to $1,179 for the nine months ended December 31, 2012 compared to $454 and $1,351 for the three months and nine months ended December 31, 2011.
Sales and marketing, research and development and general and administrative expenses totalled $465 and $1,374, respectively for the three months and nine months ended December 31, 2012 compared to $503 and $1,519, respectively for the three months and nine months ended December 31, 2011.
Expense reductions for the three months ended December 31, 2012 when compared to the three months ended December 31, 2011 were achieved in the following areas; a) wages and related expense reductions of approximately $26 due to the Company's restructuring initiatives and work sharing programs, b) computer operating expense savings of approximately $12 due to the reduction of co-location expenses, c) consulting cost reductions of approximately $11 and, d) other cost reductions related to insurance, share based costs and other general and administrative costs of $8. These savings were partially offset by increased legal fees of $13 relating to savings recorded in the three month period ended December 31, 2011 which did not reoccur in the three month period ended December 31, 2012 and increased director fees of approximately $6.
Expense reductions for the nine months ended December 31, 2012 when compared to the nine months ended December 31, 2011 were achieved in the following areas; a) wages and related expense reductions of approximately $106 due to the Company's restructuring initiatives and work sharing programs, b) legal fees of approximately $11 primarily related to the reduced legal costs due to the settlement of suits c) computer operating expense savings of approximately $26 due to the reduction of co-location expenses, d) consulting fee reductions of approximately $16 and, e) other cost reductions related to insurance, share based payments, director fees and other general and administrative costs of approximately $29. These savings were partially offset by reductions recorded in contingent and tax liabilities recorded in the nine month period ended December 31, 2011 of approximately $43 which did not reoccur in the nine month period ended December 31, 2012.
The Company's net loss from continuing operations for the three months and nine months ended December 31, 2012 was $109 and $316, respectively, as compared to a net loss of $97 and $326, respectively, for the three months and nine months ended December 31, 2011, an increase of $12 and a decrease of $10, respectively.
The Company's unaudited consolidated condensed interim financial statements as at and for the three months and nine months ended December 31, 2012, including notes thereto, and the accompanying Management's Discussion and Analysis were filed with the Canadian securities regulatory authorities and will be available on the Company's website (www.airiq.com) and on the System for Electronic Document Analysis and Retrieval website (www.sedar.com) on February 25, 2013.
AirIQ currently trades on the TSX Venture Exchange under the symbol IQ. AirIQ's office is located in Pickering, Ontario, Canada. The Company offers a suite of location based services that generate recurring revenues from each device deployed. AirIQ delivers services to two primary markets: Commercial Fleets and dealers that service Consumer segments. AirIQ provides vehicle owners with the ability to monitor, manage and protect their mobile assets. Services include: instant vehicle locating, boundary notification, automated inventory reports, maintenance reminders, security alerts and vehicle disabling and unauthorized movement alerts. For additional information on AirIQ or its products and services, please visit the Company's website at www.airiq.com.
This news release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, AirIQ's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "hope", "goal", "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. These statements are based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including AirIQ's perception of historical trends, current conditions and expected future developments as well as other factors management believes are appropriate in the circumstances. Such forward-looking statements are as of the date which such statement is made and are subject to a number of known and unknown risks, uncertainties and other factors, which could cause actual results or events to differ materially from future results expressed, anticipated or implied by such forward-looking statements. Such factors include, but are not limited to, changes in market and competition, technological and competitive developments and potential downturns in economic conditions generally. Therefore, actual outcomes may differ materially from those expressed in such forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Other than as may be required by law, AirIQ disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of such information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and Chief Executive Officer
(905) 831-6444, Ext. 4255
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