Adacel: New Contracts Imminent

From The Age:
Back on track: Adacel
By Eli Greenblat
September 7 2002

Software developer Adacel has promised a return to profitability by the second half of 2003 as millions of dollars invested in building a strong brand name in North America finally pay dividends.

Adacel managing director Silvio Salom said yesterday the Melbourne-based company had captured excellent brand awareness in the US, which would soon lead to new contracts.

"Adacel expects to achieve profitability in the second half of the 2003 financial year as revenue and earnings are fully realised," he said. Adacel yesterday announced a June-year net loss of $11.8 million, against a loss of $27.5 million for the previous corresponding period.

Mr Salom said a conservative approach to the treatment of $4 million in net tax benefits had artificially blown out the loss.