DDS Wireless Signs Contracts Worth $1.9M
DDS Wireless International Inc., a company engaged in providing application software for multiple vertical markets within the transportation industry, has signed a series of contracts worth $1.9 million.
Officials from DDS said StrataGen Systems Inc., the company's Transit business unit, was awarded over $700,000 in new upgrades and mobile data terminal projects.
Digital Dispatch, the Company's Taxi business unit, announced $1.2 million of new contracts as well, predominantly with Taxis G7 of France.
"Our 2012 backlog has increased by over $2 million in the past three weeks and I am pleased with the contracts closed in our Transit business unit,” said Vari Ghai, CEO at DDS. “Although we have experienced consistent deal flow in the past month, we are finding that some contracts are getting pushed out into 2013."
The company recently released ADEPT 6.1, including additional modules that add functionality such as Web access, and expanding the footprint for the Vector 9000 mobile data terminals,” said Vari Ghai, CEO at DDS. “ADEPT is a powerful enterprise-wide solution for managing the complex and dynamic operating conditions of paratransit/demand-response transportation.”
“Its purpose,” explained Ghai, “is to automatically manage resources for optimized performance using parameters and constraints that are both selected by the customer and that are inherent to paratransit/demand-response operations in general.”
Since Candian dollar has strengthened in relation to both the U.S. dollar and the Euro, DDS is set to revise its financial guidance on revenue for the fiscal year 2012. Earlier this year, DDS had announced it anticipated revenue to be at least that of fiscal 2011.
The company now expects revenue to be lower than that of fiscal 2011.
"In creating our 2012 forecasts we had made certain exchange rate assumptions. During the course of the year the rate of the U.S. dollar and the Euro, particularly in relation to the Canadian dollar, has deteriorated against those assumptions,” said Caroline Dunn, CFO at DDS. “Given that approximately 90 percent of our revenue is in other than Canadian dollars, such shifts have an impact on our revenue.”
“Additionally, as the year progresses, long-term SaaS (News - Alert) contract signings have less impact on 2012 revenue. The combination of these factors has caused our outlook for the second half of the year to be lowered from our forecasts,” she added. “We expect our typical seasonal strength in the fourth quarter but not enough to move us up to last year's revenue.”
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Edited by Braden Becker