Slumping economy hits Sierra Wireless hard

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VANCOUVER, B.C. — Vancouver-based Sierra Wireless Inc. has reported a US$5.2 million loss for the fourth quarter and is warning of more losses to come.

The wireless communications company that provides mobile communications and fleet management tools has lost a total of US$24.3 million over the year, up dramatically from a loss of US$3.1 million the previous year.

The slumping telecommunications economy has taken its toll on Sierra, which warns that a net loss of between US$3.4 million and US$4.4 million is expected over the current quarter ending Mar. 31.

The company’s financial report was issued after the close of the Toronto Stock Exchange yesterday. The announcement followed up a strong day of trading, which saw Sierra stocks rise by 83 cents to close at $27.15 Cdn.

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