Orbite Technologies Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2015
For the full year, the company's loss before net finance expense (income) decreased by 13.9%, or CAD 2 million, from CAD 14.4 million to CAD 12.4 million, as compared to fiscal 2014. Net loss for the year was CAD 15.4 million, as compared to CAD 12.4 million for fiscal 2014. The increases in net loss for the quarter and fiscal year are principally due to an increase in net finance expenses, resulting from non-cash mark to market adjustments relating to the 2013. Cash flows used in operating activities decreased by CAD 2.8 million.