Vigil Health Solutions Inc. saw its fourth-quarter and year-end losses balloon, hit by a drop in revenues for both periods.
The company (TSXV:VGN), which provides emergency call and nurse call systems for seniors, said Monday its loss for the quarter ended March 31 increased to $235,782 from a year-earlier loss of $23,584.
Revenue dropped nearly 50 per cent to $803,275 from $1.5 million.
At year end, Vigil booked a loss of $531,631 or 0.5 cent compared with a loss of $388,940 or 0.4 of a cent in 2009.
Its annual revenue for the year ended March 31 was cut to $4.1 million from $4.5 million in fiscal 2009.
Vigil attributed the revenue drop to the impact of the economic downturn to the senior living industry.
"The last year has been a difficult one for the company, the senior living industry and the global economy as a whole," stated president and chief executive Troy Griffiths on a release.
"The greatest indicator in our industry can be seen in the lack of financing closed in 2009 and the corresponding dearth of new senior living projects."
At the end of March, there were bookings worth $3.2 million compared with $4.5 million at the end of March 2009.
Vigil said the decrease in bookings is the direct result of the significant downturn in the U.S. and global economy and the associated lack of funding for the development of new senior housing projects.
Shares of the Vigil Health Solutions were unchanged at 12 cents on the TSX Venture market.