But net loss widens on weakened U.S. greenback
Absolute Software (TSX:ABT) reported a 94% increase in revenue in its second quarter ending December 31, 2007 $8.9 million compared with $4.6 million in the same period a year ago but its net loss also rose 84%.
The revenue increase resulted from a 61% jump in contract sales of the Vancouver company's computer theft recovery services. Sales contracts rose to $15 million from $9.3 million in its fiscal second quarter a year ago.
Net losses, however, increased to $1.9 million in the second quarter compared with a net loss of $1 million a year ago. Absolute said the losses resulted primarily from the Canadian dollar's continued strength compared with the U.S. greenback. Almost 95% of the company's sales are in U.S. dollars.
Absolute's share price range during the past week: between $10.40 and $11.95; 52-week high: $20.32; 52-week low: $4.20