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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Straight Path Communications Inc. Class B (delisted) | AMEX:STRP | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 183.37 | 0.00 | 01:00:00 |
From May 2019 to May 2024
Straight Path Communications Inc. (“SPCI”) (NYSE MKT: STRP), a communications asset company, announced today operating results for its second quarter of fiscal 2017, the three months ended January 31, 2017. Straight Path holds an extensive portfolio of 39 GHz and LMDS wireless spectrum licenses with deep coverage across the entire United States, is developing next generation wireless technology, and owns an intellectual property portfolio focused on communications over computer networks.
Q2 Fiscal Year 2017 Highlights
(In millions of USD) Fiscal 2017 – Q2 Fiscal 2016 – Q2 Fiscal 2017 – Q1 Total Revenues $0.2 $0.1 $0.2 Total Costs and Expenses $3.8 $2.7 $4.4 Civil Penalty - FCC Consent Decree $15.0 $0 $0 Stockholder Settlement $7.2 $0 $0 Loss from Operations -$25.8 -$2.6 -$4.3 Net Loss attributable to SPCI -$25.4 -$2.0 -$4.1Some items in the table may not foot correctly due to rounding
Management Comments
Davidi Jonas, Chief Executive Officer of Straight Path commented, “I am proud to announce that Straight Path continues to deliver on its strategic objectives and adhere to its mission. We have resolved some serious challenges, and are able to pursue continued progress in several key areas of our business:
Mr. Jonas added, “We continue attempts at resolution and/or furthering the progress of our IP enforcement actions.”
Mr. Jonas concluded, “We are energized by our recent progress, and enthusiastic about the role our spectrum can play in the 5G ecosystem. As we look to the future, we hope to continue to deliver on our strategic objectives and generate increased value for our stockholders.”
Investor Conference Call
Straight Path will host a conference call this afternoon, Friday, March 10th at 4:15pm ET to provide a business update. To participate, please call 1-855-327-6837 from the U.S. or +1-631-891-4304 internationally and request to join the Straight Path Communications Inc. earnings call. The conference call will also be available via a listen-only webcast by accessing the Investors section of Straight Path Communications’ website, www.straightpath.com/investors. A replay of the conference call will also be available approximately two hours after completion of the live conference call at www.straightpath.com/investors. A telephonic replay of the call will be available until March 17, 2017. To access the replay, please dial: 1-844-512-2921 from the U.S. or +1-412-317-6671 internationally. Participants must use the following code to access the replay of the call: 10002576.
About Straight Path Communications Inc. (STRP)
Straight Path Communications Inc. (NYSE MKT: STRP) holds an extensive portfolio of 39 GHz and 28 GHz wireless spectrum licenses through its Straight Path Spectrum subsidiary. Straight Path is developing next generation wireless technology through its Straight Path Ventures subsidiary. Straight Path holds, licenses, and conducts other business related to certain patents through its Straight Path IP Group subsidiary. Additional information is available on Straight Path’s website: www.straightpath.com.
Safe Harbor
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report on Form 10-K for the fiscal year ended July 31, 2016 and our other periodic filings with the SEC (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"). We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
STRAIGHT PATH COMMUNICATIONS INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, except per share data)
January 31, January 31, July 31, 2017 2017 2016 (Actual) (Pro forma (Unaudited) - Note 12) (Unaudited) Assets Current assets: Cash and cash equivalents $ 7,837 $ 10,337 $ 11,361 Restricted cash - 15,000 - Trade accounts receivable, net of allowance for doubtful accounts of $7 and $0, respectively 40 40 40 Inventory 643 643 - Prepaid expenses and other current assets 919 919 1,627Total current assets
9,439 26,939 13,028 Intangible assets 365 365 365 Other assets 111 111 104 Total assets $ 9,915 $ 27,415 $ 13,497 Liabilities and Equity (Deficiency) Current liabilities: Trade accounts payable $ 1,016 $ 1,016 $ 684 Accrued expenses 368 368 1,042 Loan payable, net of debt discount - 13,460-
FCC consent decree payable 15,000 15,000 - Deferred revenue 197 197 73 Income taxes payable 221 221 225 Total current liabilities 16,802 30,262 2,024 Settlement payable - stockholders 7,200 7,200 - Deferred revenue - long-term portion 80 80 92 Total liabilities 24,082 37,542 2,116 Commitments and contingencies Equity (Deficiency) Straight Path Communications Inc. stockholders' equity: Preferred stock, $0.01 par value; 3,000 shares authorized; no shares issued and outstanding - - - Class A common stock, $0.01 par value; 2,000 shares authorized;787 shares issued and outstanding 8 8 8 Class B common stock, $0.01 par value; 40,000 shares authorized; 11,741 and 11,431 shares issued, 11,701 and 11,391 shares outstanding as of January 31, 2017 and July 31, 2016 117 117 114 Additional paid-in capital 26,073 30,113 21,589 Accumulated deficit (37,781 ) (37,781 ) (8,225 ) Treasury stock, 40 shares at cost (428 ) (428 ) (428 ) Total Straight Path Communications Inc. stockholders' equity (deficiency) (12,011 ) (7,971 ) 13,058 Noncontrolling interests (2,156 ) (2,156 ) (1,677 ) Total equity (deficiency) (14,167 ) (10,127 ) 11,381 Total liabilities and equity (deficiency) $ 9,915 $ 27,415 $ 13,497 STRAIGHT PATH COMMUNICATIONS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In Thousands, except per share amounts) Three Months Ended Six Months Ended January 31, January 31, 2017 2016 2017 2016 Revenues $ 165 $ 112 $ 324 $ 1,815 Costs and expenses: Direct cost of revenues 26 13 67 795 Research and development 129 374 289 374 Selling, general and administrative (related party of $205, $0, $205, and $0) 3,596 2,346 7,831 3,958 Total costs and expenses 3,751 2,733 8,187 5,127 Loss from operations before item listed below (3,586 )(2,621
)
(7,863 ) (3,312 ) Civil penalty – FCC decree (15,000 ) - (15,000 ) - Stockholder settlement (7,200 ) - (7,200 ) - Loss from operations (25,786 ) (2,621 ) (30,063 ) (3,312 ) Other income: Interest income 6 10 13 20 Other income - 390 22 390 Total other income 6 400 35 410 Loss before income taxes (25,780 ) (2,221 ) (30,028 ) (2,902 ) Provision for income taxes - - (7 ) (6 ) Net loss (25,780 ) (2,221 ) (30,035 ) (2,908 ) Net loss attributable to noncontrolling interests 355 195 479 250 Net loss attributable to Straight Path Communications Inc. $ (25,425 ) $ (2,026 ) $ (29,556 ) $ (2,658 ) Loss per share attributable to Straight Path Communications Inc. stockholders: Basic and diluted $ (2.10 ) $ (0.17 ) $ (2.45 ) $ (0.23 ) Weighted-average number of shares used in calculation of loss per share: Basic and diluted 12,132 11,854 12,075 11,832 STRAIGHT PATH COMMUNICATIONS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In Thousands) Six Months Ended January 31, 2017 2016 Operating activities: Net loss $ (30,035 ) $ (2,908 ) Adjustments to reconcile net loss to net cash used in operating activities: Common stock issued for compensation 4,286 1,586 Stock-based compensation 193 - Allowance for doubtful accounts 7 - Changes in assets and liabilities: Trade accounts receivable, net (7 ) 34 Inventory - - Prepaid expenses – related to IP settlements and licensing - 783 Prepaid expenses and other current assets 65 1 Prepaid expenses – development agreement - (700 ) Other assets 1 8 Trade accounts payable 324 (114 ) Accrued expenses (674 ) (359 ) FCC consent decree payable 15,000 - Deferred revenue 112 (1,546 ) Income taxes payable (4 ) - Settlement payable - stockholders 7,200 - Net cash used in operating activities (3,532 ) (3,215 ) Investing activities: Purchases of property and equipment - (56 ) Net cash used in investing activities - (56 ) Financing activities: Common stock issued upon exercise of stock options 8 1 Net cash provided by financing activities 8 1 Net decrease in cash and cash equivalents (3,524 ) (3,270 ) Cash and cash equivalents at beginning of period 11,361 18,620 Cash and cash equivalents at end of period $ 7,837 $ 15,350 Supplemental schedule of noncash activities Reclassification of prepaid marketing to inventory $ 643 $ - Unpaid deferred loan costs $ 8 $ - Supplemental cash flow information Cash paid during the period for income taxes $ 7 $ 3
View source version on businesswire.com: http://www.businesswire.com/news/home/20170310005067/en/
Straight Path Communications Inc.Yonatan Cantor, 804-433-1523yonatan.cantor@straightpath.com
1 Year Straight Path Communications Inc. Class B (delisted) Chart |
1 Month Straight Path Communications Inc. Class B (delisted) Chart |
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