VASTERA POSTS SECOND-QUARTER NET LOSS OF $4.5 MILLION

VASTERA POSTS SECOND-QUARTER NET LOSS OF $4.5 MILLION    Vastera Inc., a provider of trade management solutions, has reported a second-quarter net loss of $4.5 million.
   The company said it had begun a restructuring in the second quarter, which has cost $2 million thus far and would cost an overall $4.4 million to $5.5 million when completed in the third quarter.
   Total revenues for the second quarter were $18.3 million. Of that figure, managed services revenues rose 52 percent to $11 million, while software revenue dropped 2 percent, to $3.1 million. Revenues from logistics services decreased 7 percent to $4.2 million. Vastera’s pro forma lost for the quarter was $954,000.
   According to a company statement, Vastera closed 23 deals in the second quarter, 13 with new clients and 10 with existing clients. Of those 23 deals, 17 were for software or managed services and six were for trade management consulting. New clients include Kanematsu, Cadbury Schweppes, Toshiba, Northrop Grumman, Black & Decker and 3M.
   “We are building this company for the long-term, and despite the current challenging environment, our prospects are strong as our managed services business continues to grow,” said Mark Ferrer, president and chief executive officer of Vastera, which is based in Dulles, Va.