Onboard fleet management system supplier Xata Corp. said it posted record revenues of $8.4 million in the second quarter of fiscal 2006, which ended March 31 — 95 percent higher than the same period last year. Revenues were up 31.3 percent from the first fiscal quarter of 2006.
In addition to its earnings, Xata announced that Chairman and Chief Executive Officer Craig Fawcett would be leaving the company at the end of the current fiscal year to accept an executive position at Deere & Company. Fawcett took a leave of absence from Deere four years ago to join Xata. He will remain on the board of directors and will help choose his successor.
Sales of XataNet, the company’s on-demand hosted fleet management system, soared 239 percent over the second quarter of fiscal 2005 and now represent 40 percent of the company’s net sales, up from 23 percent last year.
Xata systems are deployed on 49,000 units operated by more than 430 companies.
Commenting on his pending departure, Fawcett said that “four years of hard work throughout our company has led to the re-invention of Xata Corporation as an industry leader in onboard fleet management systems….I will work closely with the management team and the Board to assure that the transition is seamless for both our customers and shareholders.”
