Looks like Netro met expectations of -15cents. I'm just about to listen to the conference call replay:
corporate-ir.net
Before I do, it sounded like Vari-L, a component supplier to the FWB market has experienced a big increase in orders. This sounds good for Netro. Now, to listen to the call and here what they have to say.
Regards, Mark
Netro Announces Record Revenues for First Quarter
April 24, 2000 04:30 PM Eastern Time
SAN JOSE, Calif.--(BUSINESS WIRE)--April 24, 2000--Netro Corp. NTRO , a market leader in broadband wireless access systems, today announced record revenues of $10.5 million for the quarter ended March 31, 2000.
This compares with $2.1 million in revenues for the first quarter of 1999 and is an increase of 388 percent for the same period last year. On a sequential basis, Netro's revenues for the first quarter just ended were up 36 percent from the fourth quarter of 1999. Net loss for the first quarter of 2000 was $7.1 million or a pro forma $.15 loss per share, compared with $7 million, or a pro forma $.19 loss per share for the first quarter of 1999.
"We are pleased to see the growing acceptance of broadband wireless as a solution for the last mile Internet Protocol and high speed data application access and especially the rapid increase of Netro AirStar(TM) product deployments," said Gideon Ben-Efriam, president and chief executive officer for Netro.
"By the end of the quarter we reached 49 deployments in 27 countries. Additionally, a number of our customers, such as Broadnet Wireless Broadband Network in Germany, are now implementing wide-scale deployment of our systems and are contributing significantly to our revenue growth."
The company also recently announced an original equipment manufacturer (OEM) agreement with Motorola, a global leader in providing integrated communications and embedded electronic solutions. Motorola will market and distribute Netro's AirStar broadband wireless access system to telecommunications service providers worldwide. Netro has similar agreements with Lucent Technologies and Siemens A.G.
"The global agreements with these leading telecommunications companies significantly expand our sales channels around the world," Ben-Efriam said. "Coupled with our growing customer base, we believe Netro will continue to experience substantial growth in the broadband wireless access market which some industry experts predict will become a $8 billion market by 2003."
About Netro Corp.
Netro Corp. NTRO is a leading provider of intelligent broadband wireless access solutions for Internet and telecom service providers worldwide. Netro's broadband wireless access system, AirStar, derives its price performance benefit from its proprietary packet-based technology that maximizes spectrum usage through dynamic bandwidth allocation.
AirStar is one of the first commercially available broadband wireless access systems, carrying IP and voice traffic using a point-to-multipoint architecture. For more information, contact Netro Corp., 3860 North First St., San Jose, Calif. 95134-1702 USA; 408/216-1500; netro-corp.com.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, Netro's historical and future losses, limited operating history, dependence on a single product, fluctuations in quarterly operating results and limited manufacturing experience. Further information regarding these and other risks is included in Netro's prospectus dated March 17, 2000, and in its other filings with the Securities and Exchange Commission.
NETRO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2000 1999
ASSETS
Cash, cash equivalents and
short-term investments $389,591 $ 45,337
Trade accounts receivable, net 11,605 6,925
Inventory 8,484 7,909
Other assets 1,209 1,074
Equipment and leasehold improvements, net 4,405 4,569
Total assets $415,294 $ 65,814
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt
and capital leases $ 7,135 $ 6,764
Trade accounts payable 5,853 5,064
Accrued liabilities 5,381 4,740
Total current liabilities 18,369 16,568
Long-term debt and capital leases,
net of current portion 3,468 3,690
Total liabilities 21,837 20,258
Total shareholders' equity 393,457 45,556
Total liabilities and
shareholders' equity $415,294 $ 65,814
NETRO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three months ended
March 31,
2000 1999
(unaudited)
REVENUES $ 10,454 $ 2,142
COST OF REVENUES 8,248 1,649
GROSS PROFIT 2,206 493
OPERATING EXPENSES:
Research and development 5,784 4,224
Sales and marketing 2,040 1,332
General and administrative 1,916 1,752
Amortization of deferred stock compensation 297 168
Total operating expenses 10,037 7,476
LOSS FROM OPERATIONS (7,831) (6,983)
Other income and expense, net 761 (39)
NET LOSS $ (7,070) $ (7,022)
Basic and diluted net loss per share $ (0.15) $ (0.86)
Shares used to compute basic and diluted net
loss per share 45,883 8,205
Pro forma basic and diluted net loss
per share (a) $ (0.15) $ (0.19)
Shares used to compute pro forma basic and
diluted net loss per share 45,883 37,266
(a) Pro forma basic and diluted net loss per share includes the effect
of the conversion of convertible preferred stock for all periods.
wja/la
CONTACT: Netro Corporation, San Jose Laurie Hallwyler, 408/216-1630 (media) laurieh@netro-corp.com Mike Everett, 408/216-1520 (investors) mikee@netro-corp.com
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