Terabeam (NASDAQ:TRBM)
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Terabeam, Inc. (NASDAQ:TRBM), a global pioneer and leading developer and
supplier of Mesh, WiMAX, Wi-Fi and Millimeter Wave wireless products
and solutions, today announced its financial results for the first
quarter ended March 31, 2007.
Revenue for the quarter ended March 31, 2007 was $17.7 million, a
decrease of approximately 3% from the revenue of $18.2 million for the
quarter ended December 31, 2006 and a decrease of approximately 4% from
the revenue of $18.5 million for the quarter ended March 31, 2006.
The net loss for the quarter ended March 31, 2007 was $3.0 million
($0.14 per share-diluted) compared to net loss of $2.0 million ($0.09
per share-diluted) for the quarter ended December 31, 2006 and net loss
of $4.5 million ($0.21 per share-diluted) for the quarter ended March
31, 2006.
Robert Fitzgerald, Terabeam’s Chief Executive
Officer, stated “We are pleased with the
continued stabilization we experienced in the first quarter of 2007. We
believe our results for the first quarter, which is typically our
weakest quarter, together with our new products and momentum we are
seeing in the marketplace, position us well for the rest of 2007.”
Conference Call Information
Terabeam will host a conference call to discuss this release, financial
results, developments at the company, and other matters of interest to
investors and others today, May 9, 2007 starting at 5:00 p.m. Eastern
Time. The discussion may include forward-looking information.
To participate in this conference call, please dial 800-231-9012 (or
719-457-2617 for international callers), confirmation code 4359680 for
all callers, at least
ten minutes before start time. The conference call will also be
broadcast live over the Internet. Investors and others are invited to
visit Terabeam’s website at http://www.terabeam.com
to access this broadcast. Replays will be available telephonically for
approximately one week by dialing 888-203-1112 for domestic callers and
719-457-0820 for international callers, confirmation code 4359680 for
all callers, and over the Internet for approximately 90 days at Terabeam’s
website at http://www.terabeam.com.
About Terabeam
Terabeam, Inc. has two primary subsidiaries Proxim Wireless Corporation
and Ricochet Networks, Inc. Proxim Wireless Corporation is a global
leader in providing WiMAX, Wi-Fi, and other broadband wireless solutions
to meet the performance, scalability, and security requirements of
enterprises, government, and service providers. Ricochet Networks, Inc.
is a leading portable Wireless Internet Service Provider (WISP) with
operational markets in Denver, Colorado and San Diego, California.
Additional information about the company can be found at the company's
website located at http://www.terabeam.com
or by contacting the company by telephone at 413-584-1425 or by email at IR@terabeam.com.
Safe Harbor Statement
Statements in this press release that are not statements of
historical facts are forward-looking statements that involve risks,
uncertainties, and assumptions. Terabeam’s
actual results may differ materially from the results anticipated in
these forward-looking statements. The forward-looking statements
involve risks and uncertainties that could contribute to such
differences including those relating to and arising from the ongoing
uncertainty in the telecommunications industry and larger economy; the
intense competition in our industries and resulting impacts on our
pricing, gross margins, and general financial performance; time and
costs associated with developing and launching new products; uncertainty
about market acceptance of products we introduce; potential long sales
cycles for new products such that there may be extended periods of time
before new products contribute positively to our financial results;
decisions we may make to delay or discontinue efforts to develop and
introduce certain new products; time, costs, political considerations,
typical multitude of constituencies, and other factors involved in
evaluating, equipping, installing, and operating municipal networks;
difficulties or delays in developing and supplying new products with the
contemplated or desired features, performance, compliances,
certifications, cost, price, and other characteristics and at the times
and in the quantities contemplated or desired; the difficulties in
predicting Terabeam’s future financial
performance; and the impacts and effects of any other strategic
transactions Terabeam may evaluate or consummate. Further
information on these and other factors that could affect Terabeam’s
actual results is and will be included in filings made by Terabeam from
time to time with the Securities and Exchange Commission and in its
other public statements.
TERABEAM, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
December 31,
2007
2006
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$7,912
$10,290
Investment securities – available-for-sale
201
168
Accounts receivable, net
6,814
5,539
Inventory
9,301
10,142
Prepaid expenses
1,602
1,246
Total current assets
25,830
27,385
Property and equipment, net
2,563
2,660
Other Assets:
Restricted cash
76
76
Goodwill
7,922
7,922
Intangible assets, net
11,012
11,545
Deposits and prepaid expenses
297
287
Total other assets
19,307
19,830
Total assets
$47,700
$49,875
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses
$13,830
$13,887
Deferred revenue
2,767
2,198
License agreement payable - current maturities
879
868
Total current liabilities
17,476
16,953
License agreement payable, net of current maturities
1,864
2,088
Total liabilities
19,340
19,041
Commitments and contingencies
Stockholders’ Equity
-
-
Preferred stock, $0.01 par value; authorized 4,500,000, none issued
at March 31, 2006 and December 31, 2005
-
-
Common stock, $0.01 par value, 100,000,000 shares authorized,
21,540,865 issued and outstanding at March 31, 2006 and 21,446,217
issued and outstanding at December 31, 2005
216
216
Additional paid-in capital
58,454
57,976
Retained earnings (accumulated deficit)
(30,271)
(27,285)
Treasury stock
-
-
Accumulated other comprehensive income:
Net unrealized gain (loss) on available-for-sale securities
(39)
(73)
Total stockholders’ equity
28,360
30,834
Total liabilities and stockholders’ equity
$47,700
$49,875
TERABEAM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
2007
2006
Revenues
$17,658
$18,536
Cost of goods sold
9,732
10,895
Gross profit
7,926
7,641
Operating expenses:
Selling costs
4,745
4,269
General and administrative
3,409
3,334
Research and development
2,810
4,886
Total operating expenses
10,964
12,489
Operating loss
(3,038)
(4,848)
Other income (expenses):
Interest income
44
88
Interest expense
(34)
(33)
Other income (loss)
66
331
Total other income (expenses)
76
386
Loss before income taxes
(2,962)
(4,462)
Benefit (provision) for income taxes
(24)
(21)
Net loss
($2,986)
($4,483)
Weighted average shares - basic and diluted
21,553
21,462
Loss per share, basic and diluted
($0.14)
($0.21)