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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 third quarter of 2010 were $7.6 million compared to $8.1 million in the second quarter of 2010 and $7.0 million in the third quarter of 2009. -- GAAP gross margins for the quarter were 44% compared to 52% in the second quarter of 2010 and 30% in the third quarter of 2009. GAAP net loss for the quarter was $2.0 million, or $(8.53) per share, compared to $1.4 million, or $(5.84) per share, in the second quarter of 2010 and $3.6 million, or $(15.34) per share, in the third quarter of 2009. -- Non-GAAP gross margins for the second quarter of 2010 were 46% compared to 55% in the second quarter of 2010 and 34% in the third quarter of 2009. These margins exclude depreciation of fixed assets, amortization of intangible assets, and stock based compensation. Non-GAAP net loss for the third quarter of 2010 was $1.3 million, or $(5.58) per share, compared to $0.6 million, or $(2.54) per share, in the second quarter of 2010 and $2.9 million, or $(12.13) per share, in the third quarter of 2009.
"While we would have liked to maintain the quarter-over-quarter revenue increases that had occurred for the last four fiscal quarters, the third quarter typically is a softer quarter for the company," said Mike Sophie, Interim CEO of Proxim Wireless. "We are pleased with the orders we have received that we believe position us well for a solid fourth quarter. We are seeing consistent growth in the 8100 series of wireless backhaul and point-to-multipoint products, and we recently expanded the 8100 series product line with the introduction of the Tsunami 8100 Customer Premise Equipment (CPE). In addition, we also introduced our new Tsunami GX800 line of licensed backhaul products that position us for greater growth in the carrier and service provider markets."
Highlights of Recent Press Announcements Include:
-- Proxim introduced the Tsunami® GX800 series of licensed point-to-point wireless backhaul products for the carrier, service provider, WISP, government and enterprise markets. The GX800 delivers 622 Mbps aggregate capacity, providing a cost-effective solution for the increased capacity demands on today's networks due to data-intensive smartphones on mobile networks, HD video streaming over wireless networks, and the need for organizations of all sizes to share bandwidth amongst buildings. -- Proxim introduced the Tsunami™ MP-8150-CPE (Customer Premise Equipment) series of products, designed to dramatically reduce the cost and complexity of deploying wireless broadband service for carriers and service providers of all sizes. The 8150-CPE products leverage the same high-performance 4G technology utilized in Proxim's Tsunami MP-8150 and QB-8150 line of products, and are designed to provide over 100 Mbps of performance. -- The City of Courtenay, BC deployed Proxim's wireless backhaul solutions to connect buildings throughout the city. The City of Courtenay selected Proxim's Tsunami® QB-8150 and Proxim's 60 GHz wireless backhaul solutions to connect two recreational facilities back to the City Hall, for a cost-effective way to share bandwidth between the buildings while the city's fiber network was being built out. -- Vidarbha Infotech Pvt.Ltd. (VIPL), a telecom and IT solutions provider, selected Proxim's point-to-multipoint (PtMP) solutions to provide a city-wide wireless network to enable automated tax collection and eGovernment initiatives in the city of Nagpur, India. VIPL utilized Proxim's Tsunami™ MP.11 5054 radios and ProximVision ES central management system to connect over 34 locations throughout central India's largest city.
About Proxim Wireless
Proxim Wireless Corporation (OTCQX: 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; uncertainties whether these contemplated new products will increase our revenues; 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) September 30, December 31, 2010 2009 ------------ ------------ (unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,384 $ 5,720 Accounts receivable, net of allowance for doubtful accounts, returns and discounts of $2,344 for September 30, 2010 and $2,032 for December 31, 2009 3,436 2,983 Inventory, net 2,099 2,948 Prepaid expenses 294 388 ------------ ------------ Total current assets 9,213 12,039 Property and equipment, net 2,434 2,615 Other assets: Restricted cash 77 77 Intangible assets, net 3,543 4,744 Deposits and prepaid expenses 344 382 ------------ ------------ Total other assets 3,964 5,203 ------------ ------------ Total assets $ 15,611 $ 19,857 ============ ============ LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $ 4,606 $ 5,229 Line of credit payable 2,556 2,055 Deferred revenue 1,081 1,344 Notes payable, net of discount, current 2,539 558 Total current liabilities 10,782 9,186 Deferred revenue, net of current 375 397 Notes payable, net of discount, net of current - 1,512 Other long term liabilities 133 159 ------------ ------------ Total liabilities 11,290 11,254 ------------ ------------ Commitments and contingencies Redeemable preferred stock: Series A convertible, $0.01 par value - 2,500,000 shares authorized as of September 30, 2010 and December 31, 2009; 2,500,000 issued and outstanding as of September 30, 2010 and December 31, 2009. Aggregate liquidation preferences $5,198 as of September 30, 2010 and $5,047 as of December 31, 2009 4,811 4,598 Series B non-convertible, $0.01 par value - 1,250,000 shares authorized as of September 30, 2010 and December 31, 2009; 1,250,000 issued and outstanding as of September 30, 2010 and December 31, 2009. Aggregate liquidation preferences $2,854 as of September 30, 2010 and $2,648 as of December 31, 2009 2,660 2,423 ------------ ------------ Total redeemable preferred stock 7,471 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 September 30, 2010 and 235,191 shares issued and outstanding as of December 31, 2009 65,290 65,382 Accumulated deficit (68,440) (63,800) ------------ ------------ Total stockholders' equity (deficit) (3,150) 1,582 ------------ ------------ Total liabilities, redeemable preferred stock and stockholders' equity (deficit) $ 15,611 $ 19,857 ============ ============ PROXIM WIRELESS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, ------------------ ------------------ 2010 2009 2010 2009 -------- -------- -------- -------- Revenues $ 7,636 $ 6,952 $ 23,406 $ 22,056 Cost of goods sold 4,307 4,846 12,456 11,964 -------- -------- -------- -------- Gross profit 3,329 2,106 10,950 10,092 -------- -------- -------- -------- Operating expenses: Research and development 658 675 1,786 1,823 Selling costs 2,795 2,712 7,946 7,377 General and administrative 1,427 1,861 5,314 4,302 -------- -------- -------- -------- Total operating expenses 4,880 5,248 15,046 13,502 -------- -------- -------- -------- Operating loss (1,551) (3,142) (4,096) (3,410) Other income (expenses): Interest income (expense) (205) (212) (584) (632) Other income (expense) (1) (120) 55 (206) -------- -------- -------- -------- Total other income (expenses) (206) (332) (529) (838) -------- -------- -------- -------- Loss before income tax (1,757) (3,474) (4,625) (4,248) Benefit (Provision) for income taxes (44) (27) (15) (99) -------- -------- -------- -------- Net income (loss) $ (1,801) $ (3,501) $ (4,640) $ (4,347) ======== ======== ======== ======== Accretion to redemption value of redeemable preferred stock 203 104 450 104 Net loss attributable to common stockholders $ (2,004) $ (3,605) $ (5,090) $ (4,451) -------- -------- -------- -------- 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 $ (8.53) $ (15.34) $ (21.66) $ (18.94) -------- -------- -------- -------- UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS (In thousands, except per share data) Three Months Ended Three Months Ended September 30, 2010 June 30, 2010 ---------------------------- ---------------------------- Adjust- Adjust- GAAP ments Non-GAAP GAAP ments Non-GAAP -------- -------- -------- -------- -------- -------- Revenues $ 7,636 - $ 7,636 $ 8,053 - $ 8,053 Cost of goods sold 4,307 (212)(a) 4,087 3,887 (182)(a) 3,627 - (8)(c) - - (78)(c) - -------- -------- -------- -------- -------- -------- Gross profit 3,329 220 3,549 4,166 260 4,426 Operating expenses: Research and development 658 (30)(a) 628 605 (22)(a) 566 - (-)(c) - - (17)(c) - Selling costs 2,795 (21)(a) 2,779 2,707 (30)(a) 2,692 - 5(c) - - 15(c) - General and administr- ative 1,427 (25)(a) 1,001 1,895 (48)(a) 1,433 - (400)(b) - - (400)(b) - - (1)(c) - - (14)(c) - -------- -------- -------- -------- -------- -------- Total operating expenses 4,880 (472) 4,408 5,207 (516) 4,691 -------- -------- -------- -------- -------- -------- Operating profit (loss) (1,551) 692 (859) (1,041) 776 (265) Other income (expenses): Interest income (expense) (205) - (205) (192) - (192) Other income (expense) (1) - (1) (39) - (39) -------- -------- -------- -------- -------- -------- Total other income (expenses) (206) - (206) (231) - (231) -------- -------- -------- -------- -------- -------- Income (loss) before income taxes (1,757) 692 (1,065) (1,272) 776 (496) Benefit (Provision) for income taxes (44) - (44) 59 - 59 -------- -------- -------- -------- -------- -------- Net income (loss) $ (1,801) 692 $ (1,109) $ (1,213) 776 $ (437) -------- -------- -------- -------- -------- -------- Accretion to redemption value of redeemable preferred stock 203 - 203 159 - 159 Net income (loss) attributable to common stockholders $ (2,004) - $ (1,312) $ (1,372) - $ (596) -------- -------- -------- -------- -------- -------- 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 $ (8.53) - $ (5.58) $ (5.84) - $ (2.54) ======== ======== ======== ======== ======== ======== Three Months Ended September 30, 2009 ---------------------------- Adjust- GAAP ments Non-GAAP -------- -------- -------- Revenues $ 6,952 - $ 6,952 Cost of goods sold 4,846 (128)(a) 4,611 - (107)(c) - -------- -------- -------- Gross profit 2,106 235 2,341 Operating expenses: Research and development 675 (24)(a) 633 - (18)(c) - Selling costs 2,712 (21)(a) 2,686 - (5)(c) - General and administr- ative 1,861 (33)(a) 1,410 - (400)(b) - - (18)(c) - -------- -------- -------- Total operating expenses 5,248 (519) 4,729 -------- -------- -------- Operating profit (loss) (3,142) 754 (2,388) Other income (expenses): Interest income (expense) (212) - (212) Other income (expense) (120) - (120) -------- -------- -------- Total other income (expenses) (332) - (332) -------- -------- -------- Income (loss) before income taxes (3,474) 754 (2,720) Benefit (Provision) for income taxes (27) - (27) -------- -------- -------- Net income (loss) $ (3,501) 754 $ (2,747) -------- -------- -------- Accretion to redemption value of redeemable preferred stock 104 - 104 Net income (loss) attributable to common stockholders $ (3,605) - $ (2,851) -------- -------- -------- 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 $ (15.34) - $ (12.13) ======== ======== ======== (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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