Q1 2000 results out: biz.yahoo.com
Extracts:
"We have reported strong growth in revenue and an operating loss for the first quarter of 2000.
Our revenue for the three months ended March 31, 2000 amounted to a record $6.9 million compared to $5.1 million in the first quarter of 1999, an increase of 34.2%. These revenues were ahead of our expectations and include significant growth in our OEM product line.
Our basic and diluted loss per share amounted to $0.09 for the first quarter of 2000 compared to basic and diluted earnings per share of $0.03 in the first quarter of 1999. This loss was in line with our expectations, and reflects increased operating expenditures associated with our next generation product development and marketing programs."
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"In the first quarter, we experienced continued growth in our current generation cellular packet data products. We were especially pleased with the growth in sales of our OEM product line. Overall, revenues grew 34% over the same quarter last year and were flat sequentially, ahead of our expectations. Our gross margin percentage decreased slightly due to the increase in OEM product mix. As expected, expenses increased significantly as we continued to add people and resources, investing in our future with next generation CDMA, EDGE and Ricochet development and marketing programs,'' said David Sutcliffe, President and Chief Executive Officer. ``Following ten consecutive quarters of profitability, we are reporting an operating loss as a result of investing in these new programs. As the developments are completed, we expect the new products to contribute significantly to revenue growth," said Mr. Sutcliffe. " ...
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