Warwick-based ICOA Inc., a provider of wireless broadband Internet networks in public locations, reported Tuesday that its first-quarter 2006 revenue was $813,991, a 66 percent increase compared with the $489,915 for the same period in 2005.
Gross profit for the first quarter this year was $26,059 compared with $101,064 for the same period in 2005. The gross profit in first-quarter 2005 was higher than 2006 due primarily to a one-time equipment sale.
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In the first quarter of 2006 non-equipment sales increased as compared to 2005 by 211 percent, or $670,330 vs. $218,323. The company had a net loss of $1,403,618 during the 2006 quarter versus a net loss of $1,896,081 during the same period of 2005.
Selling, general and administrative expenses improved over the same period by 41 percent or $733,354 in first quarter of 2006 versus $1,243,405 in 2005.
“Our revenue growth along with the corresponding reduction in SG&A is a positive trend,” said Stephen Cummings, CFO. “The strong increase in recurring revenue is a positive signal that ICOA’s business model is working properly.”
