mmmRevenue downProfit downRestructuring costsBurning money...

mmm
Revenue down
Profit down
Restructuring costs

Burning money
growth market.

Australian M2M device supplier NetComm Wireless reported a net loss of AUD 542,000 for the financial year ended 30 June, compared with a net profit from continuing operations of AUD 1.6 million a year earlier.

Revenues were lower at AUD 42.86 million compared with AUD 59.36 million in FY 2012, in line with the company's forecast. The lower sales reflect the move away from consumer grade 3G routers to M2M devices. EBITDA totalled AUD 803,000 versus AUD 4.86 million a year earlier, which is slightly higher than the guidance issued in July.

Underlying EBITDA was AUD 1.6 million, after excluding non-cash, unrealised foreign exchange losses on the company's USD denominated borrowings as well as restructuring costs taken during the year.

NetComm's directors have not recommended the payment of a final dividend in order to preserve cash which will assist in funding the company's M2M strategy. From FY 2014, NetComm expects to to generate substantial growth as it delivers further M2M contracts in line with its strategic plan to grow market share in the rapidly expanding global M2M market. The company reaffirmed its FY 2014 EBITDA guidance of between AUD 4.6 and 5.1 million.