Business
PROXIM WIRELESS REPORTS THIRD QUARTER 2009 FINANCIAL RESULTS
PROXIM WIRELESS REPORTS THIRD QUARTER 2009 FINANCIAL RESULTS.
About this update from Proxim Wireless Corporation
[{"type":"text","content":"For Further Information Contact:David RenauldVice President, Corporate AffairsProxim Wireless(413) [email protected] PROXIM WIRELESS REPORTS THIRD QUARTER 2009 FINANCIAL RESULTS Silicon Valley, CA, November 13, 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 third quarter ended September 30, 2009. Financial Highlights On a GAAP basis, revenues for the quarter ended September 30, 2009 were $7.0 million, a decrease of approximately 3% from revenue of $7.2 million for the quarter ended June 30, 2009 and a decrease of approximately 42% from revenue of $12.1 million for the quarter ended September 30, 2008. Revenues in the third quarter 2009 were impacted by continuing worldwide economic difficulties as well as it traditionally being a softer quarter. However, the third quarter 2009 revenue was positively impacted by Proxim’s recently-introduced 4G Tsunami™ 8100 product line. In fact, the demand for those products exceeded expectations such that Proxim was not able to ship all the 8100 products that were ordered for delivery in the quarter. On a GAAP basis, the net loss for the third quarter ended September 30, 2009 was $3.5 million or $0.15 per diluted share, compared to a net loss of $0.7 million, or $0.03 per diluted share, for the quarter ended June 30, 2009 and a net loss of $1.7 million, or $0.07 per diluted share, for the quarter ended September 30, 2008. The net loss was $2.7 million, or $0.12 per diluted share, on a non-GAAP basis for the quarter ended September 30, 2009, which excludes depreciation of fixed assets, amortization of intangible assets, and stock based compensation, compared to a non-GAAP net income of $0.2 million or $0.01 per diluted share for the quarter ended June 30, 2009 and a non-GAAP net loss of $0.8 million or $0.04 per diluted share for the quarter ended September 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 that was sold during the third quarter of 2008. “While our third quarter financial res...