P-Com Reports First Quarter 2004 Results

Name	Symbol	Market	Type
WisdomTree Issuer ICAV	TG:PCOM	Tradegate	Exchange Traded Fund

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.018	0.16%	11.394	11.326	11.462	11.428	11.372	11.428	93	22:50:10

WisdomTree Issuer ICAV (TG:PCOM)
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P-Com Reports First Quarter 2004 Results - First quarter sales increase to $6.8 million CAMPBELL, Calif., April 29 /PRNewswire-FirstCall/ -- P-Com, Inc. (OTC Bulletin Board: PCOM), a worldwide provider of wireless telecom products and services, today reported net sales of $6.8 million in the first quarter of 2004, compared to $5.7 million for the fourth quarter of 2003 and $4.6 million in the first quarter of 2003. Gross profit margin was 25 percent in the first quarter of 2004, compared to 22 percent in the fourth quarter of 2003. Operating expenses for the first quarter ended March 31, 2004 were $3.9 million, compared to $3.5 million in the fourth quarter of 2003 and $4.5 million in the first quarter of 2003. Net loss for the quarter ended March 31, 2004 was $2.4 million, compared to $5.9 million in the fourth quarter of 2003 and $10.4 million in the first quarter of 2003. The decreased losses were due to higher revenue and continuing cost control measures undertaken in the quarter. Including a non- cash accretion of $776,000 for preferred stock, the net loss attributable to common stockholders for the quarter ended March 31, 2004 was $0.01 cents per common share, compared to $0.08 per common share for the fourth quarter of 2003 and $0.28 cents per share in the first quarter of 2003. "Our first quarter gains in revenue and margin are solid indicators of our ability to execute on our plan to grow revenue and ultimately return P-Com to profitability," said Sam Smookler, President and Chief Executive Office of P- Com. "This is our fourth sequential quarter of revenue growth, up 19% from the prior quarter, and it is a positive reflection of our focus on sales and marketing in our telecom and enterprise markets." Conference Call Management will discuss P-Com's results and hold a question-and-answer session for investors today, Thursday, April 29, 2004, at 2:00 p.m. Pacific / 5:00 p.m. Eastern time. To listen to the conference call by phone, dial 877- 356-7051 for U.S. calls or 706-643-7695 for international calls. The reference conference ID is 6908936. To listen to a live broadcast over the Internet, go to http://www.p-com.com/ and click on the Investor Relations page. A replay of the conference call will be available for 90 days at http://www.p-com.com/. About P-Com, Inc. P-Com, Inc. develops, manufactures, and markets point-to-point, spread spectrum and point-to-multipoint, wireless access systems to the worldwide telecommunications market. P-Com broadband wireless access systems are designed to satisfy the high-speed, integrated network requirements of Internet access associated with Business to Business and E-Commerce business processes. Cellular and personal communications service (PCS) providers utilize P-Com point-to-point systems to provide backhaul between base stations and mobile switching centers. Government, utility, and business entities use P-Com systems in public and private network applications. For more information visit http://www.p-com.com/ or call 408-866-3666. Safe Harbor Statement Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause P-Com's actual results in future periods to be materially different from any future performance that may be suggested in this conference call. Such factors may include, but are not limited to: the ability to achieve positive cash flow given the Company's existing and anticipated operating and other costs, and current sales trends; the Company's cash position and its need to raise additional capital, and whether that capital is available on acceptable terms, if at all; the Company's ability to negotiate repayment terms with many of its creditors, and settle outstanding litigation; a continued severe worldwide slowdown in the telecommunications equipment and services sector; fluctuations in customer demand, pricing and competition; reliance upon subcontractors; the ability of P-Com's customers to finance their purchases; the timing of new technology and product introductions; and the risk of early obsolescence. Many of these risks and uncertainties are beyond P-Com's control. Reference is made to the discussion of risk factors detailed in P-Com's filings with the Securities and Exchange Commission, including its reports on Form 10-K and 10-Q. Media Contact: Investor Contact: Greg Berardi Daniel W. Rumsey, 415-239-7826 Acting CFO & General Counsel 408-866-3666 P-COM, INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data, unaudited) Three months Three months ended ended March 31, March 31, 2004 2003 Sales $6,837 $4,617 Cost of sales 5,099 4,765 Inventory and related charges -- 3,460 Gross profit (loss) 1,738 (3,608) Gross margin 25% -78% Operating expenses: Research and development/engineering 1,257 1,919 Selling and marketing 1,451 935 General and administrative 1,183 1,635 Total operating expenses 3,891 4,489 Operating expense as a percentage of sales 57% 97% Operating loss (2,153) (8,097) Interest expense (75) (517) Other income (expense), net (113) 98 Loss from continuing operations (2,341) (8,516) Discontinued operations (40) (1,858) Net loss (2,381) (10,374) Accretion to increase preferred stock to redemption values (776) -- Loss applicable to common stockholders $(3,157) $(10,374) Basic and diluted loss per common share: Loss from continuing operations $(0.01) $(0.23) Loss from discontinued operations (0.00) (0.05) Basic and diluted loss per share applicable to common stockholders $(0.01) $(0.28) Shares used in basic and diluted per share computation 244,607 36,538 P-COM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited) Mar 31, Dec 31, ASSETS 2004 2003 Current assets: Cash and cash equivalents $4,063 $6,185 Accounts receivable, net 6,059 4,801 Inventory 3,889 5,258 Prepaid expenses and other assets 2,982 2,216 Assets of discontinued operations -- 40 Total current assets 16,993 18,500 Property and equipment, net 3,405 3,807 Goodwill 11,968 11,981 Others assets 277 277 Total assets $32,643 $34,565 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $4,188 $4,035 Other accrued liabilities 8,639 8,227 Deferred contract obligations 8,000 8,000 Liabilities of discontinued operations 298 313 Total current liabilities 21,125 20,575 Others long term liability -- 6 Total liabilities 21,125 20,581 Series B Preferred Stock 1,413 1,361 Series C Preferred Stock 1,594 870 Series D Preferred Stock 2,000 2,000 Total Preferred Stock 5,007 4,231 Stockholders' equity: Common stock 20 20 Additional paid-in capital 373,188 373,186 Accumulated deficit (366,330) (363,173) Accumulated other comprehensive loss (293) (206) Common stock held in treasury, at cost (74) (74) Total stockholders ' equity 6,511 9,753 Total liabilities and stockholders' equity $32,643 $34,565 DATASOURCE: P-Com, Inc. CONTACT: media, Greg Berardi, +1-415-239-7826, or , for P-Com, Inc.; or investors, Daniel W. Rumsey, Acting CFO & General Counsel of P-Com, Inc., +1-408-866-3666, or Web site: http://www.p-com.com/

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PCOM WisdomTree Issuer ICAV