WaveRider Announces 130% Revenue Growth In FY2000
January 10, 2001 4:41:00 PM ET
TORONTO--(BUSINESS WIRE)--Jan. 10, 2001--WaveRider Communications Inc. WAVC(FRANKFURT:WRV.), a leading global provider of fixed wireless Internet access products, today announced unaudited FY2000 revenues of $4.1 Million, a 130% increase over FY1999 revenues of $1.8 Million.
Fourth quarter revenues are expected to be reported at approximately $1.5 million, an 84% increase over Q4 1999 and a 24% increase over Q3 2000. Today's announcement, made prior to WaveRider's final audit, is in response to questions that have arisen following announcements by several wireless companies that their Q4 results are expected to be below market expectations due to a variety of industry developments.
"2000 was a year of great achievements for WaveRider and the wireless broadband industry and it also presented many challenges, " said Bruce Sinclair, President and CEO. " WaveRider celebrated the successful launch of several industry-leading products, including the NCL1155, LMS2000 and a prototype of the LMS3000. These products are the result of over 3 years of development and WaveRider has several patents that we are in the process of filing related to these products."
Adds Sinclair, "At the same time, we have experienced some delays in product development and we and our customers have experienced a significant learning curve with regards to the time and resources required to implement a high speed wireless network, all of which affected our growth rate in 2000. However, this learning curve and the development of our Professional Engineering Group has provided WaveRider substantial expertise. We believe this knowledge, coupled with the industry's first network capable of providing both non-line-of-sight consumer service of up to 1MB and business service with 11MB radios, positions WaveRider for rapid and significant growth over the coming year."
The wireless broadband industry, while experiencing recent financial market pressure, is expected to continue to experience explosive growth. Strategis Group projects that the Global Broadband Wireless Access Equipment Market will expand from under $2 billion in 2000 to over $15 billion in 2005.
WaveRider also announced today it will be making additional material inventory write-downs, resulting from the NCL product line transition, and will be recording significant non-cash charges related to the accounting valuation of the warrants and other features included in its recently announced financing. WaveRider expects final audited statements to be filed with the Securities and Exchange Commission prior to the end of February 2001. About WaveRider Communications Inc.
WaveRider Communications, Inc. (www.waverider.com) is a leading wireless information technology company that develops, manufactures and markets products for data communications and Wireless Internet Networking (WIN). WaveRider's high performance products use frequency hopping and direct sequence spread spectrum technology coupled with time division duplexing techniques and operate in the license-free 900 MHz and 2.4 GHz ISM frequency bands. NCL Series Wireless Bridges and Routers provide the wireless connection between single or multiple computer networks. Integrated network management features ensure data is quickly forwarded to its intended destination based on network conditions. WaveRider's LMS (Last Mile Solution(R)) Product Family connects wireless modems that offer high-speed connections to the Internet for business and residential customers. WaveRider is traded on the NASDAQ National Market, under the symbol WAVC.
This release contains forward-looking statements that involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the development of the Internet as a commercial medium, market acceptance risks, technological development risks, seasonality and other risk factors detailed in the Company's filings with the Securities and Exchange Commission.
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