Results for the final three months of 2010 followed a similar pattern to the year as a whole. Total forth quarter revenues were down 13 per cent year-on-year but operating loss was reduced.
BASi attributed smaller quarterly and full year operating losses to cost-cutting measures, including lay offs, implemented in the second quarter. These measures were undertaken to counteract the challenging 2010 operating environment.
Lower demand and pricing concessions on services and significant project delays were problems in the first half of 2010, said Anthony Chilton, CEO of BASi. Demand was stronger in the second half of the year and BASi predicts slow but continued improvement in 2011.
BASi’s share price was down $0.53, 21 per cent, at the close of trading yesterday.