Business
PROXIM WIRELESS REPORTS SECOND QUARTER 2009 FINANCIAL RESULTS
PROXIM WIRELESS REPORTS SECOND QUARTER 2009 FINANCIAL RESULTS.
About this update from Proxim Wireless Corporation
[{"type":"text","content":"For Further Information Contact:Dave RenauldVice President, Corporate AffairsProxim Wireless(413) [email protected] PROXIM WIRELESS REPORTS SECOND QUARTER 2009 FINANCIAL RESULTS Recent $7.5 Million Equity Investment Strengthens Financial Condition Silicon Valley, CA, August 18, 2009 – Proxim Wireless Corporation (OTCQX: PRXM), a leading provider of end-to-end broadband wireless systems that deliver the quadruple play, today released financial results for the second quarter ended June 30, 2009. Financial Highlights On a GAAP basis, revenues for the quarter ended June 30, 2009 were $7.2 million, a decrease of approximately 8.6% from revenue of $7.9 million for the quarter ended March 31, 2009, and a decrease of approximately 52% from revenue of $15.1 million for the quarter ended June 30, 2008. These decreases were primarily attributable to the continuing impact of the worldwide economic slowdown on broadband wireless sales. During the second quarter, sales in the Americas and APAC regions increased, but sales in the EMEA region decreased. In the second quarter ended June 30, 2009, gross margins were 50%, compared to 55% for the quarter ended March 31, 2009, and 48% for the quarter ended June 30, 2008. On a GAAP basis, the net loss for the second quarter ended June 30, 2009 was $0.7 million or $0.03 per diluted share, compared to a net loss of $0.2 million, or $0.01 per diluted share, for the quarter ended March 31, 2009, and a net loss of $1.4 million, or $0.06 per diluted share, for the quarter ended June 30, 2008. The net income was $0.2 million, or $0.01 per diluted share, on a non-GAAP basis for the quarter ended June 30, 2009, which excludes depreciation of fixed assets, amortization of intangible assets, and stock based compensation, compared to a non-GAAP net income of $0.6 million or $0.02 per diluted share for the quarter ended March 31, 2009, and a non-GAAP net loss of $0.1 million or $0.01 per diluted share for the quarter ended June 30, 2008. The financial results above reflect discontinued operations accounting treatment for a portion of Proxim’s consolidated operations. The discontinued operations consisted of the Harmonix Division discontinued during the second quarter of 2008. “We are encouraged that our financial results reflect th...