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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Proxim Wireless Corporation (CE) | USOTC:PRXM | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.00 | 01:00:00 |
Financial Highlights
-- Revenues for the second quarter of 2010 were $8.1 million compared to $7.7 million in the first quarter of 2010 and $7.2 million in the second quarter of 2009. -- GAAP gross margins for the quarter were 52% compared to 45% in the first quarter of 2010 and 50% in the second quarter of 2009. GAAP net loss for the quarter was $1.4 million, or $(5.84) per share, compared to $1.7 million, or $(7.29) per share, in the first quarter of 2010 and $0.7M, or $(2.77) per share, in the second quarter of 2009. -- Non-GAAP gross margins for the second quarter of 2010 were 55% compared to 49% in the first quarter of 2010 and 53% in the second quarter of 2009. These margins exclude depreciation of fixed assets, amortization of intangible assets and stock based compensation. Non-GAAP net loss for the second quarter of 2010 was $0.6 million, or $(2.54) per share, compared to net loss of $0.8 million, or $(3.40) per share, in the first quarter of 2010 and net income of $0.2 million, or $0.69 per share for the second quarter of 2009.
"This quarter marked the fourth consecutive quarter of revenue growth for Proxim, which illustrates both the strength of our business and of the products we have introduced in the last year," said Pankaj Manglik, President and CEO of Proxim Wireless. "We have seen consistent growth in the demand for our 8100 series of wireless backhaul and point-to-multipoint connectivity products since their introduction in July 2009, which validates the ongoing strength of that platform. We continue to leverage the 8100 platform for new products, including the new 8100 CPE (customer premise equipment) products -- just announced last month -- which create an exciting new market opportunity for us with carriers and service providers."
Highlights of Recent Press Announcements Include:
-- The City of Vancouver, along with ADT Advanced Integration/Intercon Security and MDT Technical Services, deployed a Proxim wireless network to extend video surveillance throughout the city during the 2010 Winter Olympics and Paralympics. They selected Proxim's 4.9 Ghz point-to-point and point-to-multipoint products to extend the city's public safety network and connect video surveillance cameras in areas where fiber connectivity was not an option. -- Sunrise Wireless, a pioneer in the development of wireless broadband systems for the maritime industry, has selected Proxim Wireless' equipment to unwire the San Francisco Bay. Sunrise Wireless has deployed a system that uses a combination of Proxim's point-to-point wireless backhaul, license-free WiMAX, and Wi-Fi® products for an end-to-end broadband wireless network that enables wireless connectivity for vessels throughout 62 square miles of the Bay. -- Aqaba Water Company (AWC), the official water treatment and management company of Aqaba-Jordan, has deployed Proxim's equipment to wirelessly connect the components of their water wells network. AWC is utilizing both Proxim's point-to-multipoint (PtMP) and point-to-point (PtP) wireless equipment to create a private network to connect their water wells to a centralized supervisory control and data acquisition (SCADA) network. -- Proxim showcased its entire end-to-end wireless portfolio -- including the Tsunami 8100 series -- at the Interop 2010 conference in Las Vegas. Proxim illustrated how its end-to-end wireless portfolio enables both indoor and outdoor Wi-Fi coverage, high capacity building-to-building connectivity and remote wireless camera connectivity for enterprises and organizations of all sizes.
About Proxim Wireless
Proxim Wireless Corporation (OTCQX: PRXM) (PINKSHEETS: PRXM) provides Wi-Fi®, WiMAX, Point-to-Multipoint and Point-to-Point Backhaul technologies for a complete indoor and outdoor wireless broadband ecosystem. Our systems enable service providers, governments and enterprises to deploy fixed and mobile security and video surveillance, indoor and outdoor Wi-Fi, business and residential internet access and cell tower backhaul. Proxim has shipped more than 2 million wireless devices to more than 250,000 customers in over 65 countries worldwide. Proxim is ISO 9001-2008 certified. For more information, visit www.proxim.com. For investor relations information, e-mail ir@proxim.com or call +1 413-584-1425.
Use of Non-GAAP Financial Information
To supplement Proxim Wireless' condensed consolidated financial statements presented in accordance with GAAP, Proxim uses certain measures of financial performance that are non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. These non-GAAP measures may include gross margin, net income (loss), and net income (loss) per share data that are adjusted from results based on GAAP to exclude certain expenses, gains, and losses, and to enhance investors' overall understanding of Proxim's current financial performance and Proxim's prospects for the future. Specifically Proxim believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of its core operating results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures included in this press release have been reconciled to the GAAP results in the attached tables.
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. Proxim Wireless' 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; our ability to increase our sales in the Americas and elsewhere; our limited capital resources and history of significant losses; our possible need or desire to raise additional funds, the availability of any such funds, and the terms of any such fundraising; the intense competition in our industries and resulting impacts on our pricing, gross margins, and general financial performance; risks and delays in introducing contemplated products in 2010; uncertainties whether these contemplated new products will increase our revenues in 2010; 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; 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; commitments we may make to our suppliers relating to orders that may end up getting cancelled; the difficulties in predicting Proxim's future financial performance; and the impacts and effects of any financing or other strategic transactions Proxim may evaluate or consummate. Further information on these and other factors that could affect Proxim's actual results is and will be contained in the filings made by Proxim with the OTCQX (available at www.otcqx.com), including without limitation in the Annual Report filed by Proxim on March 30, 2010, and in its other public statements, which may be available on Proxim's website (www.proxim.com).
PROXIM WIRELESS CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share data) June 30, December 31, 2010 2009 ----------- ----------- (unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,161 $ 5,720 Accounts receivable, net of allowance for doubtful accounts, returns and discounts of $2,151 for June 30, 2010 and $2,032 for December 31, 2009 3,840 2,983 Inventory, net 2,117 2,948 Prepaid expenses 315 388 ----------- ----------- Total current assets 9,433 12,039 Property and equipment, net 2,602 2,615 Other assets: Restricted cash 77 77 Intangible assets, net 3,944 4,744 Deposits and prepaid expenses 365 382 ----------- ----------- Total other assets 4,386 5,203 ----------- ----------- Total assets $ 16,421 $ 19,857 =========== =========== LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $ 5,256 $ 5,787 Line of credit payable 1,881 2,055 Deferred revenue 1,021 1,344 ----------- ----------- Total current liabilities 8,158 9,186 Deferred revenue, net of current 413 397 Notes payable, net of discount 1,587 1,512 Other long term liabilities 145 159 ----------- ----------- Total liabilities 10,303 11,254 ----------- ----------- Commitments and contingencies Redeemable preferred stock: Series A convertible, $0.01 par value - 2,500,000 shares authorized as of June 30, 2010 and December 31, 2009; 2,500,000 issued and outstanding as of June 30, 2010 and December 31, 2009. Aggregate liquidation preferences $5,107 as of June 30, 2010 and $5,047 as of December 31, 2009 4,692 4,598 Series B non-convertible, $0.01 par value - 1,250,000 shares authorized as of June 30, 2010 and December 31, 2009; 1,250,000 issued and outstanding as of June 30, 2010 and December 31, 2009. Aggregate liquidation preferences $2,783 as of June 30, 2010 and $2,648 as of December 31, 2009 2,576 2,423 ----------- ----------- Total redeemable preferred stock 7,268 7,021 ----------- ----------- Stockholders' equity (deficit): Common stock, $0.01 par value, at amount paid in; 100,000,000 shares authorized; 235,088 shares issued and outstanding as of June 30, 2010 and 235,190 shares issued and outstanding as of December 31, 2009 65,489 65,382 Accumulated deficit (66,639) (63,800) ----------- ----------- Total stockholders' equity (deficit) (1,150) 1,582 ----------- ----------- Total liabilities, redeemable preferred stock and stockholders' equity (deficit) $ 16,421 $ 19,857 =========== =========== PROXIM WIRELESS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------ 2010 2009 2010 2009 -------- -------- -------- -------- Revenues $ 8,053 $ 7,213 $ 15,770 $ 15,104 Cost of goods sold 3,887 3,574 8,149 7,118 -------- -------- -------- -------- Gross profit 4,166 3,639 7,621 7,986 -------- -------- -------- -------- Operating expenses: Research and development 605 539 1,128 1,148 Selling costs 2,707 2,459 5,151 4,665 General and administrative 1,895 1,002 3,887 2,441 -------- -------- -------- -------- Total operating expenses 5,207 4,000 10,166 8,254 -------- -------- -------- -------- Operating loss (1,041) (361) (2,545) (268) Other income (expenses): Interest income (expense) (192) (216) (379) (420) Other income (expense) (39) (56) 56 (86) -------- -------- -------- -------- Total other income (expenses) (231) (272) (323) (506) -------- -------- -------- -------- Loss before income tax (1,272) (633) (2,868) (774) Benefit (Provision) for income taxes 59 (17) 29 (72) -------- -------- -------- -------- Net income (loss) $ (1,213) $ (650) $ (2,839) $ (846) ======== ======== ======== ======== Accretion to redemption value of redeemable preferred stock 159 - 247 - Net loss attributable to common stockholders $ (1,372) $ (650) $ (3,086) $ (846) -------- -------- -------- -------- Weighted average number of shares-basic and diluted used in computing net earnings (loss) per share 235 235 235 235 -------- -------- -------- -------- Basic and diluted net earnings (loss) per share $ (5.84) $ (2.77) $ (13.13) $ (3.60) -------- -------- -------- -------- UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (In thousands, except per share data) Three Months Ended Three Months Ended June 30, 2010 March 31, 2010 ----------------------------- ----------------------------- GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP ------- ---------- -------- ------- ---------- -------- Revenues $ 8,053 - $ 8,053 $ 7,717 - $ 7,717 Cost of goods sold 3,887 (182)(a) 3,627 4,262 (164)(a) 3,916 - (78)(c) - - (182)(c) - ------- ---------- -------- ------- ---------- -------- Gross profit 4,166 260 4,426 3,455 346 3,801 Operating expenses: Research and development 605 (22)(a) 566 523 (34)(a) 464 - (17)(c) - - (25)(c) - Selling costs 2,707 (30)(a) 2,692 2,444 (21)(a) 2,398 - 15(c) - - (25)(c) - General and administra -tive 1,895 (48)(a) 1,433 1,992 (33)(a) 1,528 - (400)(b) - - (400)(b) - - (14)(c) - - (31)(c) - ------- ---------- -------- ------- ---------- -------- Total operating expenses 5,207 (516) 4,691 4,959 (569) 4,390 ------- ---------- -------- ------- ---------- -------- Operating profit (loss) (1,041) 776 (265) (1,504) 915 (589) Other income (expenses): Interest income (expense) (192) - (192) (187) - (187) Other income (expense) (39) - (39) 95 - 95 ------- ---------- -------- ------- ---------- -------- Total other income (expenses) (231) - (231) (92) - (92) ------- ---------- -------- ------- ---------- -------- Income (loss) before income taxes (1,272) 776 (496) (1,596) 915 (681) Benefit (Provision) for income taxes 59 - 59 (30) - (30) ------- ---------- -------- ------- ---------- -------- Net income (loss) $(1,213) 776 $ (437) $(1,626) 915 $ (711) ------- ---------- -------- ------- ---------- -------- Accretion to redemption value of redeemable preferred stock 159 - 159 88 - 88 Net income (loss) attributable to common stockholders $(1,372) - $ (596) $(1,714) - $ (799) ------- ---------- -------- ------- ---------- -------- Weighted average number of shares - basic and diluted used in computing net earnings (loss) per share 235 - 235 235 - 235 Basic and diluted net earnings (loss) per share $ (5.84) - $ (2.54) $ (7.29) - $ (3.40) ======= ========== ======== ======= ========== ======== Three Months Ended June 30, 2009 ----------------------------- GAAP Adjustments Non-GAAP ------- ---------- -------- Revenues $ 7,213 - $ 7,213 Cost of goods sold 3,574 (114)(a) 3,355 - (105)(c) - ------- ---------- -------- Gross profit 3,639 219 3,858 Operating expenses: Research and development 539 (24)(a) 505 - (10)(c) - Selling costs 2,459 (20)(a) 2,445 - 6(c) - General and administra -tive 1,002 (33)(a) 457 - (454)(b) - - (58)(c) - ------- ---------- -------- Total operating expenses 4,000 (593) 3,407 ------- ---------- -------- Operating profit (loss) (361) 812 451 Other income (expenses): Interest income (expense) (216) - (216) Other income (expense) (56) - (56) ------- ---------- -------- Total other income (expenses) (272) - (272) ------- ---------- -------- Income (loss) before income taxes (633) 812 179 Benefit (Provision) for income taxes (17) - (17) ------- ---------- -------- Net income (loss) $ (650) 812 $ 162 ------- ---------- -------- Accretion to redemption value of redeemable preferred stock - - - Net income (loss) attributable to common stockholders $ (650) - $ 162 ------- ---------- -------- Weighted average number of shares - basic and diluted used in computing net earnings (loss) per share 235 - 235 Basic and diluted net earnings (loss) per share $ (2.77) - $ 0.69 ======= ========== ======== (a) The effect of depreciation of fixed assets (b) The effect of amortization of intangible assets (c) The effect of stock based compensation.
For Further Information Contact: Dave Renauld Vice President, Corporate Affairs Proxim Wireless (413) 584-1425 ir@proxim.com
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