ESAN.15x.17.Bad Q out yesterday,they escorted with good news =Entrada Networks to Receive $600,000 in Institutional Funding,to save the price of the stock.It did work as the price is up today.The Q looks bad though.Revenues down big, and losses.
I will monitor it and see when they will be profitable again.
Smart guys.B: Entrada Networks Reports Third Quarter Results
B: Entrada Networks Reports Third Quarter Results
IRVINE, Calif., Nov 24, 2003 (BUSINESS WIRE) -- Entrada Networks, Inc.
(OTCBB:ESAN) today announced results for the third quarter of fiscal year 2004
ended October 31, 2003.
-- Q3 Revenues: $0.9 Million
-- Q3 Cash & Equivalents: $0.2 Million
-- Q3 Loss Per Share: $0.02
For the third quarter ended October 31, 2003, the Company reported today the
total net revenue from its adapter card, frame relay and service businesses of
$0.9 million compared with $4.1 million reported for the same period last year,
a decrease of 77.1%.
For the third quarter ended October 31, 2003, the Company reported a net loss of
$0.2 million, or a loss of $0.02 per share, compared to a net income of $1.0
million, or $0.07 per share, for the same period last year.
For the nine months ended October 31, 2003, the Company reported today the total
net revenue from its adapter card, frame relay and service businesses of $5.7
million, compared with $10.6 million reported for the same period last year, a
decrease of 46.5%.
For the nine months ended October 31, 2003, the Company reported a net loss of
$0.5 million, or a loss of $0.04 per share, compared to a net income of $1.4
million, or $0.11 per share, for the same period last year.
"The major contributor to our loss is the drop in the network interface card
business from Cisco. This drop was expected to occur in the third quarter of
fiscal 2004 and was disclosed in our Form 10-Q filed with the SEC June 2, 2003
and Form 8-K filed with the SEC July 8, 2003," said Dr. Chadha, Chairman & CEO
of Entrada Networks. "The effects of losing this business and its impact on this
fiscal quarter and the fiscal year were partly offset by downsizing and cost
reduction programs whose full impact will be evident in the near future.
However, we continue to expand our sales and marketing efforts, especially for
our Silverline(TM)-CWDM product line, and we have positioned ourselves for
growth in the recovering information technology sector. We have taken steps to
cut our operating costs, increased marketing and sales efforts on opportunities
in storage connectivity and, more importantly, continue to pursue acquisition
opportunities that will allow us to enter lines of business that complement or
expand our current businesses and core capabilities," continued Dr. Chadha.
FINANCIAL DETAILS
Selected highlights from Entrada's third quarter and nine months of fiscal 2004
ended October 31, 2003 are presented below:
Three months Nine months
ended ended
October 31, October 31,
2003 2002 2003 2002
Statement of Operations Data:
Net revenue $931 $4,059 $5,692 $10,648
Gross profit 373 2,187 2,346 5,045
Operating expenses 598 1,180 2,892 3,433
Income (loss) from operations $(225) $1,007 $(546) $1,612
October January
31, 31,
2003 2003
(unaudited) (audited)(a)
Balance Sheet Data:
Cash and cash equivalents $229 $808
Working capital 3,553 3,506
Total assets 5,348 7,671
Total debt (including short-term debt) 246 474
Total Liabilities 1,104 2,761
Stockholders' equity $4,244 $4,910
(a) Certain information presented in the table (e.g., working
capital) is not directly taken from the audited financial statements
but are computations and therefore are not considered audited.
About Entrada Networks
Entrada Networks currently has three wholly owned subsidiaries that focus on
developing and marketing products in the storage networking and network
connectivity industries. Rixon Networks manufactures and sells a line of fast
and gigabit Ethernet adapter cards that are purchased by large networking
original equipment manufacturers as original equipment for servers, and other
computer and telecommunications products. Rixon's focus is on two- and four-port
cards and drivers for highly specialized applications. Sync Research
manufactures and services frame relay products for some of the major financial
institutions in the U.S. and abroad. The Torrey Pines subsidiary specializes in
the design, development, marketing and sale of SAN transport products. Entrada
Networks is headquartered in Irvine, CA. www.entradanetworks.com.
Safe Harbor
Except for historical information contained herein, the matters set forth in
this news release are forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements, including but not
limited to the following factors: 1) the ability of the Company to generate the
cash flow from operations, or raise additional capital necessary to finance its
ongoing businesses; 2) the ability of the Company to develop or acquire new
profitable lines of business and to attract and retain management to lead this
effort; 3) the continuing market acceptance of the legacy products which account
for all of the Company's current revenues; 4) the ability of the Company to
generate revenues from its research and development efforts in the SAN space; 5)
the much greater financial and other resources of Entrada Networks' many
well-entrenched competitors; 6) the adoption of technology standards different
from those under which Entrada is prepared to deliver products; and 7) such
other factors as are set forth in Entrada's annual report on Form 10-K, filed
April 30, 2003, and in the reports previously filed.
SOURCE: Entrada Networks, Inc.
CONTACT: Entrada Networks, Inc., Irvine
James G. Loofbourrow, 949-588-2070
jloofbourrow@entradanet.com
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MANUFACTURING
TELECOMMUNICATIONS
SOFTWARE
EARNINGS
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