Wayfinder announced Q3 2007 financial results



Wayfinder announced Q3 2007 financial results
Wayfinder announced its financial results for the quarter ending September 30, 2007. Net sales for the first nine months of 2007 amounted to US$9.58 million, an increase of 188% against the same period last year. Revenue from services, Wayfinder´s core business, totalled US$5.7 million, an increase of 143%.

Net sales for the quarter totalled US$ 7.3 million, an increase of 391% against the same quarter last year (US$1.5m). Revenue from services for the third quarter was MSEK 24.3 (US$3.83m), an increase of 196%. The loss after tax for the third quarter amounted to MSEK -5.6 (US$ 880,000).

The gross margin (defined as net sales minus the cost of goods for resale as a percentage of net sales) amounted to 44% during the first nine months of the year against 49% for the same period in the previous year. “The gross margin has been depressed by the relatively large proportion of hardware sold during Q3”, said Wayfinder. “Overall our margins are sustainable over time”, added Wayfinder CEO Magnus Nilsson.

Wayfinder announced Q3 2007 financial results
The user-base grew by 201% to 1,293,000 (430,000 in Q3 2006). The number of paying users rose by 161% to 196,000 (75,000 in Q3 2006). Out of these 50,000 users came from the Navicore acquisition, therefore it represents a 100% growth for the Wayfinder solution comparing to the same quarter last year.

After the close of the period, Wayfinder received an additional order from one of the world's largest handset manufacturers of approximately MSEK 18, with delivery and income recognition during the fourth quarter of 2007.

Wayfinder announced Q3 2007 financial results
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Thursday, November 15th 2007

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