August 15, 2011 / 11:33 AM / 7 years ago

UPDATE 1-Canada's Bridgewater Systems posts Q2 loss

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Aug 15 (Reuters) - Canada’s Bridgewater Systems Corp posted a quarterly loss, hurt by the expiry of a key contract last October.

Bridgewater Systems provides software that helps carriers manage subscriber access to applications and network resources — like bandwidth. The company’s products also alleviate network congestion by offloading data traffic to Wi-Fi, and migrating to 3G and 4G.

April-June loss was C$2.2 million, or 9 Canadian cents a share, compared with a profit of C$2.9 million, or 11 Canadian cents a share, last year.

Revenue fell 36 percent to C$14.6 million ($14.7 million).

In May, the company slashed its full-year outlook and said carriers are not committing to deals due to budget pressures.

Bridgewater, whose customers include Saudi Arabia’s Etihad Etisalat (Mobily) and Verizon Wireless, ended a contract with Alcatel-Lucent last October.

$1 = 0.991 Canadian Dollars Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel

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