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August 31, 2004

Intellisync Revenue Soars on Mobile Growth

ComputerWire Staff

While Intellisync Corp has been seeing a surged of new business, its shares took a hammering Friday after it withdrew its forecast of 2005 revenue in the $70m to $82m range and said it was now aiming at $70m, a 65% increase. The company blamed weaker-than-expected demand.

In its fourth quarter to July 31, the net loss was $1.7m, down from $1.8m on revenue 82% higher at $13.3m. But for $2.1m charges for amortization of purchased assets and other intangible assets, the company would have broken into the black after eight quarters of revenue growth.

For the year, the company posted a loss of $9.5m, up from a loss of $7.7m on revenue that increased 70.2% to $42.3m.

With analysts expecting fourth-quarter revenue in the $14m range, the market was unimpressed by the figures. Intellisync (NASDAQ: SYNC - news) believes that its approach has been vindicated by contracts wins with Verizon (NYSE: VZ - news) to offer a platform for non-RIM devices and with PeopleSoft (NASDAQ: PSFT - news) to extend it mobile access products.

August 31, 2004 at 08:29 AM in Web lifestyle | Permalink | TrackBack (24) | Top of page | Blog Home