Intrinsyc Software International Inc. (TSX:ICS) saw revenue fall 29% to $17.5 million in 2009, but it managed to nearly break even on an EBITDA basis during a year it largely spent restructuring.
The Vancouver-based company, which makes software for mobile devices, reported a loss on an EBITDA basis of $293,460 in 2009 compared to a loss of $14.6 million in 2008.
It reported revenue of $3.9 million in the fourth quarter of fiscal 2009 compared with $5.7 million for the three months ended December 31, 2008.
The company attributed the decline in fourth quarter revenue to the ending of engineering services performed for Symbian Ltd., which ceased commercial sale of its Symbian operating system.
Intrinsyc had cash and cash equivalents of $11.7 million and net working capital of $11.3 million at the end of 2009.
"The achievement of positive EBITDA for our third consecutive quarter and the year-over-year increase in net working capital are indications of the stabilization of the company's operations and testament to the restructuring plan we put into place at the beginning of 2009," said Tracy Rees, Intrinsyc's president and CEO, in a release.
Intrinsyc's share price range during the past week remained at $0.08; 52-week high: $0.16; 52-week low: $0.04.