RALEIGH, N.C. — Annual revenues for 2005 increased more than 50 percent for
Oasys Mobile
, which recently changed its name from Summus.
Oasys (OTCBB: OYSM) reported revenues of $7.79 million, up from $5.17 million in 2004. Fourth-quarter revenues climbed nearly 17 percent from a year earlier to reach $1.95 million.
However, the company's losses also increased as it increased spending on technology and product development, including a new web site and the name change. For the year, Oasys lost $6.11 million, or 46 cents per share, up from $4.34 million the previous year.
Losses in the fourth quarter were $2.49 million, up from $1.02 million from 2004.
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