BOULDER, Colo. - U.S. Wireless Data Inc. reported a net loss of more than $12 million for the fiscal year ended June 30.
The loss totaled $12,272,512, or $2.91 per share, based on 4,212,787 weighted average shares outstanding, compared with a net loss of $2,707,461, or 95 cents per share, based on 2,862,712 weighted average shares outstanding, for the previous fiscal year.
The company reported revenue of $3,761,255 for the year, up from $230,711.
Revenues grew primarily because of increased sales of the company's POS- 50 product, which was introduced in the third quarter of 1994, and sales of $2,040,566 generated by Direct Data Inc., which U.S. Wireless Data acquired in September 1994.
A writeoff of Direct Data goodwill of $5,997,434 and a loss of $1,844,000 by Direct Data contributed to the net loss, the company said.