The Car and Truck Fleet and Leasing Management Magazine

AirIQ Announces 2007 Fourth Quarter and Year-End Results

April 11, 2008

TORONTO – AirIQ Inc., a leader in wireless location-based services, specializing in telematics and security, announced its financial results for the fourth quarter and year ended Dec. 31, 2007.

Financial highlights include:

  • Recorded a gain on sale of certain assets and liabilities of vehicle finance business of approximately $4.0 million.
  • Operating expenses were reduced by approximately $4.5 million or 24.7 percent year over year from $18.2 million to $13.7 million excluding foreign exchange loss and stock-based compensation.
  • Cash position at Dec. 31, 2007, was approximately $6.0 million (including restricted cash of approximately $1.9 million) compared to $2.3 million at Dec. 31, 2006, representing a 161 percent increase.
  • Employee headcount was reduced from 123 to 59, or 52 percent year over year.
  • Foreign exchange loss increased from approximately $0.1 million in 2006 to approximately $2.2 million in 2007 due to progressive strengthening of Canadian dollar. The company responded by reducing expenses at its Canadian office.
  • Direct cost of sales were affected by certain adjustments due to a write-down of analog equipment assets and inventory provisions.
  • Working capital improved by $6.9 million year over year from a negative working capital position of approximately $1.4 million at Dec. 31, 2006, to a positive working capital of approximately $5.5 million at Dec. 31, 2007.
Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.


Fleet Faq Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All


Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All


Sponsored by

Employees of a private or public sector organization that are a higher liability risk, based on their driving behavior, for the organization.

Read more

Up Next

More From The World's Largest Fleet Publisher