Evolved Digital Systems Inc., based in Montréal, Canada, has released its results for 2005, with revenues increased by approximately $774,696 as compared to 2004. The company claims the increase is largely because of an OEM development agreement during the second quarter of 2004 and installations during 2005.
The company reported loss from operations of approximately $3.3 million in 2005 compared to a loss of $8.4 million for 2004. The $5.1 million or 61 percent improvement in operating results is due to a reduction in selling and administration expenses achieved as a result of 2004 reorganization efforts as well as a continued focus by management on cost reductions during 2005.
Evolved recorded a net loss of $4.9 million in 2005, an improvement of $3.5 million and 41.6 percent over the net loss of $8.5 million for the previous year.