Wicat Systems, Inc. reported a loss of $1.3 million or 6 cents per share on revenues of $9.1 million in its fourth fiscal quarter ended March 31, down from earnings of $0.3 million, or 1 cent per share, on revenues of $11.6 million in the same period last year.
Net income for the fiscal year was $1.1 million, or 5 cents per share, on revenues of $49 million, down from 11 cents per share on revenues of $46.5 million last year.The company said its cash position improved to $12.1 million, an increase of $4.9 million for the year.
Wicat's fourth quarter was negatively affected by the war in the Persian Gulf, which affected the company's aviation markets, said Robert W. Mendenhall, president and CEO.
He said the fourth quarter is also traditionally slower in the company's education market due to the seasonal pattern of school district purchases.
"We are pleased by our ability to sustain the growth and rapid acceptance of our products in the education market despite the currently difficult financial climate," said Mendenhall.