Unwired cuts cash burn rate

Stuart Corner
Monday, 24 October 2005 17:35

IT Industry - Deals

Unwired group has posted a 14 percent increase in customer revenues, to $5.52 million for the quarter ending 30 September, reducing its operating cash outflow to $2.5 million compared to $4.7 million in the prior quarter.

It ended the quarter with a cash balance of $11 million compared to $17 million on June 30, having spent $1 million in the quarter expanding its Sydney network and $2.5 million on organising future financing, in addition to its $2.5 million net outflow from operations.

However the results of it future financing activities are due to flow into its coffers this month when it receives $37 million from Intel in return of the issue of convertible notes.