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Proxim Wireless announces financial results for the fourth quarter

Published on 4 Mar, 2010

The financial results reflect discontinued operations accounting treatment for a portion of Proxim's consolidated operations
For fiscal year 2008, Proxim reported revenue of $49.0 million

Proxim Wireless Corporation, a leading provider of end-to-end broadband wireless systems, recently released financial results for the fourth quarter and full fiscal year ended December 31, 2009.

Financial highlights

On a GAAP basis, revenues for the quarter ended December 31, 2009 were $7.6 million compared to $7.0 million for the quarter ended September 30, 2009 and $11.6 million for the quarter ended December 31, 2008. Revenue was 9% higher than the third quarter of 2009 driven primarily by strong demand for the new Tsunami(TM) 8100 product line.

In fact, the market acceptance of Proxim's 8100 wireless backhaul and point-to-multipoint (PtMP) products was so dramatic that sales of these products exceeded $1 million in the fourth quarter -- the first full quarter of the products' availability. Proxim believes this adoption by the marketplace is the result of several key benefits of the Tsunami 8100 products: --

The only PtMP platform capable of delivering greater than 100 Mbps connectivity

 Proxim's use of MIMO and OFDM technology to provide NLOS capabilities while maintaining higher performance

 Better price/performance than competitive products

Greater ease of use and deployment for quicker deployment times

In 2010, Proxim plans to introduce additional products that not only expand upon the 8100 platform, but also target high-growth markets including wireless video surveillance, rural broadband, and military applications.

In the fourth quarter ended December 31, 2009, gross margins were 37% compared to 30% for the quarter ended September 30, 2009 and 38% in the quarter ended December 31, 2008.

On a GAAP basis, the net loss from continuing operations was $3.2 million, or $0.13 per diluted share, compared to a net loss of $3.5 million, or $0.15 per diluted share, for the quarter ended September 30, 2009 and a net loss of $1.7 million, or $0.07 per diluted share, for the quarter ended December 31, 2008.

The net loss on a non-GAAP basis for the quarter ended December 31, 2009, which excludes depreciation of fixed assets, amortisation of intangible assets, and stock compensation, was $2.3 million, or $0.09 per diluted share, compared to a non- GAAP net loss of $2.4 million, or $0.10 per diluted share, for the quarter ended September 30, 2009. For fiscal year 2009, Proxim reported revenue of $29.7 million, net loss on a GAAP basis of $7.6 million, or $0.32 per diluted share, and a non-GAAP net loss of $4.4 million, or $0.18 per diluted share.

For fiscal year 2008, Proxim reported revenue of $49.0 million, net loss on a GAAP basis of $10.0 million, or $0.43 per diluted share, and a non-GAAP net loss of $6.0 million, or $0.26 per diluted share. The financial results above reflect discontinued operations accounting treatment for a portion of Proxim's consolidated operations, specifically the Harmonix Division discontinued during the second quarter of 2008.

"With the launch and immediate market acceptance of our Tsunami 8100 products, we saw promising growth at the end of 2009 that we believe will drive revenue growth in 2010," said Pankaj Manglik, President and CEO of Proxim Wireless. "In addition to these strong products, we also have an exciting pipeline of products that we will bring to market in 2010 that leverage the success of the 8100 platform and address some of the fastest growing markets in wireless. These products will help us expand upon our commitment to the video surveillance, rural broadband, and military markets -- all of which have significant growth capabilities in 2010."


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