P-Com Reports Third Quarter 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 Third Quarter Results - P-Com raises $11 million in capital CAMPBELL, Calif., Oct. 30 /PRNewswire-FirstCall/ -- P-Com, Inc. (BULLETIN BOARD: PCOM) , a worldwide provider of wireless telecommunications equipment, reported today that net sales increased to $5.6 million for the quarter ended September 30, 2003, compared to $5.0 million for the second quarter of 2003 and $6.4 million for the third quarter in 2002. Operating loss for the third quarter was $2.4 million, compared to $6.0 million in the second quarter of 2003 and $5.8 million in the third quarter of 2002. Due to non-cash, non-recurring items, P-Com reported a net profit for the third quarter of 2003 of $9.4 million, or $0.22 per share, compared to a net loss of $6 million in the second quarter of 2003, and a net loss of $9 million in the third quarter of 2002. Operating expenses, excluding restructuring charges of $350,000 for the quarter, were $3.2 million, compared to $4.1 million for the second quarter of 2003, and $6.6 million for the same period in 2002. Operating expenses, including restructuring charges, amounted to $3.6 million for the quarterly period ended September 30, 2003, compared to $6.9 million for the quarterly period ended June 30, 2003, and $6.6 million for the quarter ended September 30, 2002. Gross profit margins were 20% in the quarter, which is 3% higher than the second quarter of 2003. The higher gross margins in the third quarter were due to non-recurrence of certain inventory related charges incurred in the second quarter. "P-Com made substantial improvements to its balance sheet in the third quarter and has now essentially completed its restructuring," said P-Com CEO Sam Smookler. "P-Com is now better positioned to face the ongoing challenges in the marketplace and re-emerge as a leading provider of wireless telecom equipment." Conference Call Management will discuss P-Com's results and hold a question-and-answer session for investors today, Oct. 30, 2003, 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. Reference Conference ID #3398865. 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 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 possible need to raise additional equity 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, General Counsel 415-239-7826 and Interim CFO 408-866-3666 P-COM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data, unaudited) Sept 30, Dec. 31, 2003 2002 ASSETS Current assets: Cash and cash equivalents $1,105 $861 Restricted cash 25 415 Accounts receivable, net 4,918 4,797 Inventory 4,929 12,433 Prepaid expenses and other assets 2,463 3,402 Assets of discontinued operations 48 2,923 Total current assets 13,488 24,831 Property and equipment, net 4,135 10,511 Loan to Speedcom 1,100 -- Others Assets 280 381 $19,003 $35,723 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $4,441 $8,144 Other accrued liabilities 8,417 6,774 Loan payable to bank 2,220 2,604 Convertible promissory notes 2,237 -- Deferred contract obligations 8,000 8,000 Liabilities of discontinued operations 349 1,085 Total current liabilities 25,664 26,607 Long-Term Liabilities: Convertible subordinated notes -- 22,390 Other long-term liabilities 1,804 2,076 Total long term liabilities 1,804 24,466 Total liabilities 27,468 51,073 Series B Preferred Stock 11,626 -- Stockholders' equity: Common Stock 16 16 Additional paid-in capital 335,550 333,740 Accumulated deficit (355,765) (348,766) Accumulated other comprehensive loss 182 (340) Common stock held in treasury, at cost (74) -- Total stockholders' equity (20,091) (15,350) Total liabilities and stockholders' equity $19,003 $35,723 P-COM, INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data, unaudited) Three months ended Nine months ended Sept 30, Sept 30, 2003 2002 2003 2002 Sales $5,569 $6,350 $15,152 $22,292 Cost of sales 4,431 5,545 12,447 19,263 Inventory and related charges -- -- 3,734 -- Gross profit (loss) 1,138 805 (1,029) 3,029 Gross margin 20% 13% -7% 14% Operating expenses: Research and development/ engineering 1,180 2,439 4,805 10,266 Selling and marketing 883 1,691 2,645 5,190 General and administrative 1,154 2,475 4,303 8,665 Restructuring charge 350 -- 3,712 -- Total operating expenses 3,567 6,605 15,465 24,121 Operating expense as a percentage of sales 64% 104% 102% 108% Operating loss (2,429) (5,800) (16,494) (21,092) Interest expense (501) (963) (1,625) (1,966) Gain on debt extinguishments 8,762 -- 10,262 1,393 Other income (expense), net 2,200 (1,331) 3,116 (1,197) Profit (Loss) from continuing operations before profit (loss) from discontinued operations, and cumulative effect of change in accounting principle 8,032 (8,094) (4,741) (22,862) Gain (Loss) from discontinued operations 1,367 (909) (2,258) (3,860) 9,399 (9,003) (6,999) (26,722) Cumulative effect of change in accounting principle -- -- -- (5,500) Net profit (loss) $9,399 $(9,003) $(6,999) $(32,222) Basic net profit (loss) per share: Profit (Loss) from continuing operations $0.19 $(0.26) $(0.12) $(0.97) Gain (Loss) from discontinued operations 0.03 (0.03) (0.06) (0.17) Cumulative effect of change in accounting principle -- -- -- (0.24) Basic net profit (loss) per share applicable to Common Stockholders $0.22 $(0.29) $(0.18) $(1.38) Shares used in Basic per share computation 42,384 31,104 39,884 23,323 Diluted net profit (loss) per share: Profit (Loss) from continuing operations $0.05 $(0.26) $(0.12) $(0.97) Gain (Loss) from discontinued operations 0.01 (0.03) (0.06) (0.17) Cumulative effect of change in accounting principle -- -- -- (0.24) Diluted net profit (loss) per share applicable to Common Stockholders $0.06 $(0.29) $(0.18) $(1.38) Shares used in Diluted per share computation 149,746 31,104 39,884 23,323 DATASOURCE: P-Com, Inc. CONTACT: media, Greg Berardi, +1-415-239-7826, or , for P-Com, Inc.; or investors, Daniel W. Rumsey, General Counsel and Interim CFO of P-Com, Inc., +1-408-866-3666, or Web site: http://www.p-com.com/

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PCOM WisdomTree Issuer ICAV