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WellPoint Systems trims Q4 net loss to $503,000 from year-ago $14 million

Mon, 03/08/2010 - 4:30am
The Associated Press

Oil and gas industry software developer WellPoint Systems Inc. (TSXV:WPS) reported Monday a fourth-quarter net loss of $503,000, significantly reduced from a loss of $14 million in the same period a year earlier.

The Calgary-based company said its loss amounted to one cent per share, compared with a loss of 31 cents per share in the year-ago quarter. The improvements came on reduced operating costs and increased gross profit as new products came on line, WellPoint said in a statement.

Revenue for the quarter was little changed from the prior-year period at $7.7 million.

For the full year, the company posted a profit of $3.2 million or seven cents per share, reversing a year-before loss of $27.7 million or 60 cents per share. Revenues rose to $36.8 million from $35.3 million.

In its 2010 forecast, WellPoint said it "anticipates a healthy growth in revenues during 2010," but as it refocuses on sales of its software it does not expect to report revenue growth until the latter half of 2010.

WellPoint provides software and services for the energy industry, with operations in the UNited States, Tunis, Tunisia and South Africa.

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