Adaptive Broadband Reaffirms Q4 Results; $17 Million in Revenue; $.17 Operating Loss
SUNNYVALE, Calif.--(BUSINESS WIRE)--Aug. 14, 2000--Adaptive Broadband(TM) Corporation (Nasdaq:ADAP) today reaffirmed its results for its fourth quarter ended June 30, 2000. According to Adaptive Broadband, the financial press has reported that the company's loss was a "greater than expected" $.20, when in fact, the operating loss was $.17, which was consistent with the First Call consensus. The company reported revenue of $17.1 million, up 106% from the $8.3 million reported for the third quarter.
One-time Gain to Come in September Quarter from Investment in
Infrared/Laser Investment
In its fiscal 2000 year-end release on Aug. 10, Adaptive Broadband said it wrote off an investment for a pre-tax loss of $1.8 million, or
$.03 per share. The company expects to recover the loss with an anticipated pre-tax gain of approximately $8 million, or $.13 per share, in Q1 2001, realized via sale of its investment in an infrared/laser communications product development company. The company expects to retain substantially all of the cash from the sale due to the availability of certain tax benefits.
About Adaptive Broadband
Adaptive Broadband (www.adaptivebroadband.com) is a data networking solutions company that is developing leading-edge technology for the deployment of broadband wireless communication over the Internet. Its AB-Access(TM) platform is a leading commercial choice for fixed broadband wireless communication.
The foregoing includes forward-looking statements, such as the company's potential success in product development, that involve risks and uncertainties. Actual events or results may differ materially from those suggested by the forward-looking statement. Factors that could cause actual events or results to differ materially include, but are not limited to, fluctuations in quarterly results, delays in receipt of orders or in the shipment of products, delays in the development of telecommunications and Internet markets and delays in product enhancements. For a more detailed discussion of these and other factors, see "Risk Factors" contained in Adaptive Broadband's Annual Report on Form 10-K for the fiscal year ended June 30, 1999. |
