Acceleware Corp. widens Q2 loss to $2.9 million from $1.6 million last year

By The Canadian Press

CALGARY - Acceleware Corp. (TSXV: AXE.V) widened its second-quarter loss to $2.9 million from $1.6 million last year on higher costs related to new products.

The Calgary-based company had sales of $1.07 million in the quarter, up from $596,060 last year, but the loss amounted to seven cents per share, up from five cents.

The cost of products for the three-month period ended June 30 was $653,898 compared with $265,950 for the same period in 2007.

Sales, general and administrative expenses were $2.07 million, up from $1.5 million the year before.

The company said net losses increased primarily due to the addition of new staff for development, marketing, sales, and support of new products and vertical markets, together with the introduction of an enhanced employee benefit plan.

Stock in Acceleware, whose platform enables software providers to use multi-core processing hardware without rewriting their applications, closed at 19.5 cents on the TSX Venture Exchange, down half a cent, before the results were announced.