Irish travel software company Datalex has announced a drop in revenues for the fourth quarter of 49 per cent on the same period in 2000 and a decrease of 2 per cent on the third quarter.
Revenues for 2001 were $29.1 million, a decrease of 13 per cent from $33.3 million in 2000, and the gross margin for 2001 fell to 20 per cent from 25 per cent in 2000.
Overall, the net operating loss for the year was $28.5 million; in 2000, it was $15.5 million).
However, the company was upbeat about the results and said it expected the market, which declined following September 11, to improve over 2002.
"We have been successful in lowering our cost base by fully implementing our restructuring programme, reflected in improved gross margins in Q4," chief executive Mr Neil Beck said.
"The programme, as well as other cost controls initiated in recent months, will continue to provide the company with increased margins and returns as the company positions itself to take advantage of an expected upturn in market conditions".
"Our focus for 2002 will be in continuing to position our products to capitalise on the growing market demand," he said. "We are encouraged by the amount of activity and renewed interest from current and prospective customers in our existing suite of products".