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Abstract
Revenues for DDS Wireless International Inc. ("DDS Wireless" or "the Company") from markets outside of Canada accounted for 88% of total revenues for the three months ended June 30, 2010, up from 83% in the same period in 2009. Over 80% of revenues are derived in Euros or US dollars, currencies which depreciated against the Canadian dollar by approximately 18% and 12% respectively year-over-year.
Revenues for the six months ended June 30, 2010 were $18.3 million, an increase of $2.1 million or 13% over the same period of the prior year. The increase in revenues is mainly attributable to increases in non-recurring enterprise solutions revenues in the Taxi and Transit business units offset by a small decrease in maintenance revenues in the Taxi business resulting from adverse foreign exchange impact from the significant weakening in the Euro and US dollar against the Canadian dollar. In the six months ended June 30, 2010 the average Canadian dollar exchange rate over the comparable period in the prior year, was 14% higher against the Euro and the US dollar.
This press release may contain forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, operations, anticipated financial performance, business prospects and strategies, statements about future market conditions, supply and demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical facts. Such forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties including matters discussed more fully under "Business Risks and Uncertainties Factors" in the MD&A portion of our 2009 Annual Report, which is available at www.sedar.com. These risks and uncertainties include, among other things acquisitions and international expansion, currency fluctuations, technological change, loss of customers, concentration of sales, international operations and sales, management of growth, dependence on key personnel, suppliers and availability of supplies, industry growth, competition, intellectual property, product defects, product liability claims, relationship with principal shareholder, seasonal fluctuations, and liquidity. Given these risks and uncertainties DDS Wireless cannot guarantee that any forward looking statements will be realized. Consequently, all forward-looking statements made are qualified by these cautionary statements and other cautionary statements and factors contained herein. DDS Wireless disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.