Wireless Matrix posts small Q4 loss

TORONTO, CANADA: Canada's Wireless Matrix, a fleet management service provider, broke even on a per share basis in the fourth quarter, meeting estimates, and said it sees adjusted EBITDA grow by over 50 percent through the year.

Wireless, however, expects revenue from hardware, which represents about 33 percent of total revenue, to decline in 2011, as it will outsource production of its previously self-designed hardware devices.

For the fourth quarter, Wireless posted a loss of $183,000, compared with a net income of $298,000, a year ago.

Total revenue rose 7 percent to $11.1 million.

Analysts on average were expecting the company to break even on a per share basis, on a revenue of $10.3 million, according to Thomson Reuters I/B/E/S.

"We expect to surpass our 100,000 subscriber target this year and to secure an increasing number of small- and medium-sized businesses," chief financial officer Maria Izurieta said in a statement.

Shares of the company, which have shed about 15 percent in the last one year, closed at 91 Canadian cents Thursday on the Toronto Stock Exchange.