Wicat Systems Inc. said revenues for its fiscal year ended March 31 were $41.3 million, up from $39.2 million for the previous year. Net loss for the year was $2.8 million or 13 cents per share, compared with a loss of $4.9 million or 23 cents per share for the prior year.
For the fourth quarter, revenue increased 18 percent to $9.7 million from $8.2 million for the fourth quarter a year ago. The net loss for the quarter was $1.9 million or 9 cents per share compared with a loss of $3.5 million, or 16 cents per share for the like period last year.A significant portion of the loss in the fourth quarter resulted from severance and restructuring costs, said Robert W. Mendenhall, president and chief executive officer.
Wicat announced in late January restructuring actions to reduce its cost structure and improve cash flow. Mendenhall said revenues in the traditionally slow fourth quarter improved significantly over the same period a year ago.
"We also had positive cash flow for the quarter, and enter fiscal year 1990 with a backlog of $10 million, approximately 25 percent higher than last year," he said.
"Learning improvement products increased at a 45 percent compound growth rate over the last six years and now represent nearly 95 percent of the company's revenue base. Wicat continues to explore strategic marketing alliances such as the recent agreement in principle with IBM for joint sales of educational solutions to schools."