TransNet Reports $1.5M LossBy Sharon Linsenbach | Posted 2007-10-09 Email Print
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Tech slowdown and lower services revenues have been blamed for the company's dismal financial performance.The IT industry slowdown and decreased services revenues have been cited by TransNet CEO Steven Wilk for the company's dismal financial performance in fiscal 2007.
TransNet reported a net $1.5 million loss for its fiscal year ended June 30, 2007, which Wilk said in a statement was due to increased competition from large manufacturers and offshore help-desk organizations. Wilk also stated that a decline in demand for the company's legacy services contributed to the loss.
The unified communications and IT sales and support provider, based in Branchburg, N.J., provides system design and integration, help-desk support services and end-user training, and counts Dell, Hewlett-Packard, Lenovo and Apple among its clients.
Wilk also cited a gross profit margin increase of 13 percent for fourth-quarter 2007 over 8 percent in the same quarter of 2006. Wilk credited the growth to demand for the company's new physical security solutions that it will offer to midsize corporations and educational and governmental organizations, he said.