Wavefront Technology Solutions Inc. provides its financial and operating results for the second quarter ended February 28, 2011. Gross revenue doubled over the comparative period and amounted to $1,002,893. Net losses for the period decreased by over 50% to $870,610, and loss per share, basic and diluted, was $0.01 versus $0.03 for the comparative period.

“Although there remains much to accomplish we are pleased with our progress in the first half of fiscal 2011 and are on track with our expectations of increasing revenue and reducing expenses,” said Wavefront President and CEO Brett Davidson. “Wavefront continues to develop positive momentum and amass a growing user community adopting our core technologies. We anticipate that the revenue growth charted below will continue a positive upward trend in the second half of the fiscal year.”

A summary of the second quarter 2011 results are as follows:

During the fiscal quarter it was announced that the Corporations longest running Powerwave project in Eastern Alberta would be expanding by up to 45 additional Powerwave systems. Subsequent to the fiscal quarter it was further announced that locations for the initial 31 of the potential 45 systems had been identified and preparations are being made to initiate installation Expenses through the three month period were $1,873,503 compared to $2,278,970 for the comparative period in 2010, and are representative of a focus on operational excellence. Net loss for the three months ended February 28, 2011 was $870,610 ($0.01 per share), compared to $1,778,332 ($0.03 per share) for the comparative period of February 28, 2010. Revenues for the six months ended February 28, 2011 were $1,928,068, an increase of $851,103 over the comparative period in 2010 that recognized revenues of $1,076,965. Core revenues related to the Powerwave and Primawave totalled $1,695,857, compared to core revenues of $956,829 for the comparative period. Total assets decreased by $2,279,434 to $34,893,048 from the Corporation’s fiscal year ended August 31, 2010. The decrease was primarily due to a decrease of $2,723,592 in cash that was used to fund operations. As at February 28, 2011, the Corporation had cash and cash equivalents of $26,719,364. As at February 28, 2011, the Corporation had working capital of $27,365,394. The Corporation believes that its working capital position will continue to fluctuate despite having a significant increase in the number of Powerwave contracts in-hand, as Wavefront cannot control or dictate the installation schedules. The Corporation is of the opinion that its working capital position is sufficient to cover its current commitments and operations for the forthcoming fiscal year. It is also anticipated that internally generated cash from operations will continue to increase as the Corporation’s core technologies continue to be commercialized and inducements and incentives decrease.

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