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Proxim Wireless Reports Second Quarter 2009 Financial Results

8/18/09 - Proxim Wireless Corporation (OTCQX: PRXM ) (PINKSHEETS: PRXM), a leading provider of end-to-end broadband wireless systems that deliver the quadruple play, released financial results for the second quarter ended June 30, 2009.

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 the strengthening of the global economy in certain areas," said Pankaj Manglik, President and CEO of Proxim Wireless. "In July we introduced the 8100 series of PtP and PtMP products, which is the most significant product line Proxim has introduced in over a decade. These new products squarely target some of the largest opportunities in the telecommunications market today, and position us to strongly capitalize as the global economy continues to recover. The recent equity investment we announced will provide us the resources to continue our investment in cutting-edge WiMAX and 4G products to meet the increasing broadband deals of an ever more connected world."

Highlights of Recent Press Announcements Include:

  • Proxim received an equity investment of $7.5 million, with $5.0 million coming from SRA and the rest coming from existing investors (through a combination of new investment and cancellation of debt).
  • Proxim's GigaLink point-to-point (PtP) radios were deployed to backhaul municipal buildings in the city of Bee Cave, Texas, saving the city $7,800 a month in leased line costs.
  • Proxim's Tsunami™ MP.11 license-free WiMAX equipment was used to provide the point-to-multipoint (PtMP) connectivity for the Washington State Ferry (WSF) system's entire fleet of vessels, enabling Wi-Fi connectivity to more than 25,000 ferry passengers each day.
  • KPN Hotspots B.V., Holland's largest provider of Wi-Fi® hotspots, expanded its partnership with Proxim as the provider of its Wi-Fi networking equipment by ordering an additional 600 ORiNOCO access points -- bringing its total to more than 2,600 access points to date.
  • Proxim announced the ORiNOCO® 802.11a/b/g/n USB client adapter, which enables best-in-class real-world throughput exceeding 150 Mbps for laptops and desktops when used with Proxim's ORiNOCO AP-8000 and AP-800 access points for the industry's highest performance 802.11a/b/g/n WLANs.
  • Proxim announced that it will be extending its award-winning Tsunami™ point-to-multipoint line of broadband wireless products to cover the 5.1-6.4 GHz frequency bands, providing an ideal solution for the Russian market.
  • Pemel Security AB, one of the fastest growing camera surveillance businesses in Sweden, selected Proxim Wireless as its wireless networking partner.

By Robert Hoskins

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