Within the next 23 days, we should know the financial situation of VARL[E]. Unless, of course, the auditors need more time and money].
I went back to check the release thinking it was time to see those earnings.
We should start an informal pool on the earnings per share for 1997-1999. I'll let someone make the first guess, but I'll wager that the company has not made one cent of net earnings for the cumulative period 1997-1999.
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PR NEWSWIRE
DENVER, Oct. 12 — Vari-L Company, Inc. (OTC:VARLE), a leading
provider of advanced components for the wireless telecommunications
industry, today announced revenue for the first nine months of the year of $28.5 million.
These nine-month results indicate a substantial rate of growth over the same period last year.
Revenue increased from $7.7 million in the first quarter of 2000 to $9.4 million in the second quarter -- an increase of 22%. Third Quarter revenue of $11.4 million was 21% greater than revenue in the second quarter.
As previously reported, the Company expects to publish restated financial statements for 1999 and the first nine months of 2000 later in the fourth quarter.
Peter Pappas, Chief Executive Officer, stated, "We are pleased to be in a position to report substantially improved revenue numbers at this time. While the Company is not in a position today to report on its profitability, we can acknowledge that the extraordinary costs caused by the Company's accounting problems, such as attorneys' fees, fees and expenses of the Company's new independent accountants and the cost of the interim management team, impose a significant cost burden on the Company." Pappas added, "One of our principal objectives is to curtail these extraordinary costs by working toward a speedy resolution of all litigation, the completion of the restated and audited financial statements, and the installation of a new permanent management team."
Through its headquarters in Denver, Vari-L designs, manufactures and markets wireless communications components that generate or process radio frequency (RF) and microwave frequency signals. Vari-L's patented products are used in commercial infrastructure equipment (including cellular/paging/PCS base stations and repeaters, fixed terminal point to point/multi-point data radios including LMDS/MMDS), consumer subscriber products (advanced cellular/PCS/satellite handsets, web-enabled smart phones, 2-way pagers, wireless PDAs, home networking), and military/aerospace platforms (satellite communications/telemetry, missile guidance, electronic warfare, electronic countermeasures, battlefield communications). Vari-L serves a diverse customer base of the world's leading technology companies, including Adaptive Broadband, Agilent Technologies, Digital Microwave, Ericsson, Glenayre Technologies (Wireless Access), Harris, Hughes, Lockheed Martin, Lucent Technologies, Microwave Data Systems, Mitsubishi, Motorola, NEC, NeoPoint, Netro, Newbridge Networks, Nokia, Northrop Grumman, Novatel Wireless, Raytheon, Samsung, and Siemens.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, governmental action relating to wireless communications licensing and regulation, the accuracy of the Company's internal projections as to the demand for certain types of technological innovation, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, the outcome of pending and threatened litigation and regulatory actions, the success and timeliness of the Company's efforts to restate its prior financial statements, the ability of the Company's new independent accounting firm to issue an unqualified audit report on those financial statements, future economic conditions generally, as well as other factors. |
