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WirelessDevNet.com Press Release
Nextair's Growth Continues to Escalate as Enterprises Connect Their Field Forces AIRIX Revenue Up
TORONTO, May 6 - Nextair Inc. (TSX: NXA), a leading provider of wireless software platforms, reported today that orders from new customers in Q1-2004, combined with repeat orders from existing customers, drove quarterly revenue up to $481,568 from $390,688 in Q4-2003. Revenue from the company's flagship product, the AIRIX Wireless Environment, increased in the quarter to $334,000 from $221,000 in Q4-2003, representing a 51% growth rate.
"Our growth rate is evidence of the market's growing interest in wireless connectivity," said Ron Close, President and CEO. "Most encouraging to us is the repeat business we're seeing from existing AIRIX customers as they expand their remote connectivity initiatives, roll-out their AIRIX-enabled applications to more users, or wirelessly enable more applications based on past success with AIRIX."
"Our customers are experiencing solid payback on their time and money,"
added Close. "They especially appreciate the speed to market that AIRIX enables. Customers can typically get their remote users up and running with their own application in just three-to-six days, instead of the three-to-six months it would take them to do it on their own."
"Within one week, Nextair created a customized prototype of the AIRIX application using our requirements and our data store," said John Oakley, General Manager, Enbridge Gas Distribution. "The ease of use, efficiency and speed of deployment impressed us most. With AIRIX, we improved the ease of communication between the field and the back office, assisting in timely and accurate information delivery. Based on this early success, we are planning to expand our use of AIRIX to include a number of other field related services."
Q1-2004 Highlights
Revenue from the prior quarter was up 23% to $481,568 from $390,688 in Q4-2003. Gross Margin was 89% while Operating Expenses decreased in the quarter to $835,279 from $845,448. Net Loss for the quarter improved to
$410,669 from a Net Loss in Q4-2003 of $437,859. This improvement would have been $50,000 larger except for a one-time gain on disposal of marketable securities in Q4-2003. The operating cash burn rate in Q1 was approximately $300,000.
Also in the quarter, Nextair completed a private placement, raising $2.5M. The company also moved its head office and most of its employees from Windsor to Toronto, strengthened its Board, added several key employees, including key Marketing and Sales professionals, and began the process of expanding its activity level in new markets, with a preliminary focus on the US.
The financial statements for Q1-2004 along with the accompanying Management Discussion and Analysis have been released as part of Nextair's Quarterly Report to shareholders and are available at www.Sedar.com.
About Nextair
Nextair Inc. (www.nextair.com) is the developer of the award winning
AIRIX(TM) Wireless Environment, as well as several wireless passenger transportation, field service and dispatch applications. AIRIX provides rapid development of sophisticated wireless applications for mobile devices. All popular networks and wireless handheld devices are supported.
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