First Avenue (NASDAQ:FRNS)
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First Avenue Networks (NASDAQ:FRNS), a fixed wireless
services provider, today announced that it has reported results for
the fourth quarter and year-ended December 31, 2005.
Revenues for the fourth quarter ended December 31, 2005 were $0.40
million, a $0.07 million increase from the $0.33 million posted in the
third quarter ended September 30, 2005. The quarter over quarter
increase was primarily due to an increase in the capacity, as measured
in DS-1 equivalents, of the Company's mobile backhaul network. During
the fourth quarter the capacity increased by 17%. Revenues for the
year ended December 31, 2005 increased 1174% to $1.3 million from
$104,000 for the same period in 2004. This increase was primarily the
result of the acquisition and operation of Teligent's fixed wireless
operations. Cash, cash equivalents and certificates of deposit totaled
$70.7 million at December 31, 2005.
"From closing the Teligent acquisition to developing relationships
with key carriers, First Avenue laid an important foundation for its
future during 2005. And as a result, the company is well positioned to
become the nation's premier provider of mobile backhaul and wireless
access services," commented Michael Gallagher, president and CEO,
First Avenue Networks.
About First Avenue Networks
First Avenue Networks (NASDAQ:FRNS) is a leader in delivering
wireless transport services to cellular carriers, service providers
and government suppliers and agencies. First Avenue provides wireless
backhaul and Carrier Ethernet services over its licensed spectrum
footprint, which includes nationwide 24 GHz and 39 GHz holdings. For
further details, visit http://www.firstavenet.com/ or call (703)
725-7625.
Forward Looking Statements
Statements included in this news release which are not historical
in nature are "forward-looking statements" within the meaning of
Section 21E of the U.S. Securities Exchange Act of 1934 and the U.S.
Private Securities Litigation Reform Act of 1995. Forward looking
statements relate to expectations, beliefs, projections, future plans
and strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. These include,
without limitation, statements regarding increased demand for the
Company's services, its strategy, forecasts of revenues, earnings
estimates, statements regarding contracts, work or revenue
opportunities the Company may secure in the future, and related
information, all of which are based on current factual information and
certain assumptions about future events which management believes to
be reasonable at this time. There are many risks, uncertainties and
other factors that can prevent the Company from achieving its goals or
cause the Company's results to differ materially from those expressed
or implied by these forward-looking statements including, without
limitation, changes in demand for the Company's services from external
factors including general economic conditions or changes in wireless
demand or technology affecting network expansion strategies at and
financing opportunities for the Company's clients, delays in the award
of new work, the termination or reduction of existing projects due to
changes in the financial condition or business strategies of the
Company's clients, the Company's dependence on hiring and retaining
professional staff and key personnel, fluctuations in quarterly
results from a variety of internal and external factors including
changes in the Company's estimates with respect to the completion of
fixed-price contracts, lengthy sales cycles especially with respect to
larger contracts that may account for a significant portion of the
Company's anticipated revenues, intense competition in the marketplace
especially from competitors with greater financial resources and
financing capabilities, and those risk factors described in First
Avenue Network Inc.'s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q.