WaveRider Announces Q1 Revenue of $2.3M
biz.yahoo.com
I snagged a few more shares on the major sell-off today.
WaveRider Announces Q1 Revenue of $2.3M
Tuesday April 6, 5:36 pm ET
All values expressed in $U.S.
TORONTO--(BUSINESS WIRE)--April 6, 2004-- Following 45 per cent annual revenue growth, company experiences delays in distributor sales and seasonal slowdown in key account sales in North America
WaveRider Communications Inc. (OTCBB: WAVC - News), a leading global provider of fixed wireless Internet access products, today announced it expects to report revenues of approximately (U.S.)$2,300,000 for its first fiscal quarter, ended March 31, 2004, compared to first quarter FY2003 revenues of $3,178,000.
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"WaveRider has consistently generated positive annual revenue growth through our customer-focused sales approach, successful product development initiatives, and increasing presence in the broadband wireless market," said Bruce Sinclair, Chief Executive Officer, WaveRider Communications Inc. "Despite our disappointment in our first quarter revenue, we have maintained strong profit margins and continue to expand our customer base. We are confident that we will return to a pattern of increased quarterly sales in Q2."
"During 2003 WaveRider implemented a distributor and large account program in North America that resulted in new customers and 45 per cent revenue growth," added Sinclair. "However, our current dependence on a single product line designed primarily for one market, although it is industry leading, made us vulnerable to seasonal and individual buying fluctuations beyond our control this past quarter. We are still confident that we will reach cash flow positive operations by the end of 2004."
"WaveRider's market and product expansion strategy are critical steps towards insuring that WaveRider is well positioned to participate in the broadband wireless market growth that is forecasted for 2005 through 2007," added Sinclair. "We intend to continue to support our existing customers with the industry's best products and service and to help them expand their networks, while working to secure new customers both in North America and internationally."
WaveRider will host its Q1 2004 conference call on Thursday, April 29, 2004 at 4:30 p.m. (EDT). Details to be announced. |
