TORONTO, ONTARIO – AirIQ Inc. has announced its financial results for the fourth quarter and year ended Dec. 31, 2006. Highlights include:

  • Gross profit increase of 6.8-percent year-over-year to $15,793,178.
  • Cash flow from operating activities, less deferred service contract costs, was $85,121 in 2006 and $899,523 in Q4 compared with $5,840,805 in 2005 and $3,453,178 in Q4 2005.
  • Net loss for the year was reduced by 42.4 percent from $13,147,799 in 2005 to $7,578,038 in 2006.
  • Operating expense reduction of 17.2 percent or $3,888,803 year-over-year.
  • Annual expense to revenue ratio improvement to 46.3 percent in 2006 from 56.5 percent in 2005.
  • Launched AirIQ service to the Service Fleet Market.
  • Vehicle Finance Division sold for $22,350,000.
  • Originally posted on Fleet Financials

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