Terabeam Wireless Announces Financial Results For Its Fourth Quarter And Year End 2004
Falls Church, VA — February 28, 2005: Terabeam Wireless, the business name of YDI Wireless, Inc. (NASDAQ:YDIW), a leading developer and supplier of broadband wireless solutions, today reported its unaudited financial results for the fourth quarter and year ended December 31, 2004.
Total assets as of December 31, 2004 were $77.3 million, an increase of approximately 273% from the total assets of $20.7 million as of December 31, 2003 and a decrease of approximately 4% from the total assets of $80.2 million as of September 30, 2004. Total liabilities as of December 31, 2004 were $11.3 million, an increase of approximately 151% from the total liabilities of $4.5 million as of December 31, 2003 and a decrease of approximately 24% from the total liabilities of $14.9 million as of September 30, 2004. Total stockholders’ equity as of December 31, 2004 was $66.0 million, an increase of approximately 308% from the total stockholders’ equity of $16.2 million as of December 31, 2003 and an increase of approximately 1% from the total stockholders’ equity of $65.3 million as of September 30, 2004.
Revenue for the quarter ended December 31, 2004 was $5.8 million, an increase of approximately 4% from the revenue of $5.5 million for the quarter ended December 31, 2003 and a decrease of approximately 9% from the revenue of $6.4 million for the quarter ended September 30, 2004. Revenue for the year ended December 31, 2004 was $22.9 million, a decrease of approximately 16% from the revenue of $27.2 million for the year ended December 31, 2003.
The net income for the quarter ended December 31, 2004 was $2.3 million ($0.10 per share-diluted) compared to net loss of $45,000 ($0.00 per share-diluted) for the quarter ended December 31, 2003 and net loss of $2.4 million ($0.09 per share-diluted) for the quarter ended September 30, 2004. The net income for the quarter ended December 31, 2004 included a one-time gain of approximately $3.7 million on the sale of the Phazar Corp common stock previously owned by Terabeam Wireless.
The net loss for the year ended December 31, 2004 was $1.3 million ($0.07 per share-diluted), including the previously discussed one-time gain of $3.7 million, compared to net income of $4.6 million ($0.36 per share-diluted) for the year ended December 31, 2003. The net income for the year ended December 31, 2003 included a one-time gain of $4.3 million resulting from the immediate recognition of the negative goodwill from the Young Design-Telaxis transaction.
Robert Fitzgerald, Terabeam Wireless’ Chief Executive Officer, stated, “2004 was a challenging year. We feel that we are making good progress in transforming Terabeam from a niche player into a strong leader in the wireless market. Although we are disappointed that the Phazar acquisition did not happen, we were able to liquidate our minority position with a good profit. We remain very focused on top line growth both through organic growth and additional acquisition opportunities as they arise. We are highly encouraged by the significant quantity of large opportunities that we are seeing and the challenge for us in 2005 is to continuously improve our channels of distribution, customer service and product offering.”
Terabeam Wireless will host a conference call to discuss this release, financial results, developments at the company, and other matters of interest to investors and others on March 1, 2005 starting at 8:30 a.m. Eastern Time. The discussion may include forward-looking information.
To participate in this conference call, please dial 800-967-7134 (or 719-457-2625 for international callers), confirmation code 4121262 for all callers, at least five minutes before start time. The conference call will also be broadcast live over the Internet, but only telephonic participants will be able to ask questions. Investors and others are invited to visit Terabeam Wireless’ website at http://www.terabeam.com/corporate to access this Internet broadcast. Replays will be available telephonically for approximately one week by dialing 888-203-1112 for domestic callers and 719-457-0820 for international callers, confirmation code 4121262 for all callers, and over the Internet for approximately 90 days at Terabeam Wireless’ website at http://www.terabeam.com/corporate.
Terabeam Wireless is the business name of YDI Wireless, Inc. Terabeam Wireless is a world leader in providing extended range, license-free wireless data equipment and is a leading designer of turnkey long distance wireless systems ranging from 9600 bps to 1.44 Gbps for applications such as wireless Internet, wireless video, wireless LANs, wireless WANs, wireless MANs, and wireless virtual private networks. Additional information about Terabeam Wireless as well as its complete product line can be found at the company's website located at http://www.terabeam.com or by contacting the company by telephone at 413-665-8551 or by email at IR@terabeam.com.
Statements in this press release that are not statements of historical facts are forward-looking statements that involve risks, uncertainties, and assumptions. Terabeam Wireless’ actual results may differ materially from the results anticipated in these forward-looking statements. The forward-looking statements involve risks and uncertainties that could contribute to such differences including those relating to the downturn and ongoing uncertainty in the telecommunications industry and larger economy; the intense competition in Terabeam Wireless’ industries and resulting impacts on its pricing, gross margins, and general financial performance; and difficulties in predicting Terabeam Wireless’ future financial performance. Further information on these and other factors that could affect Terabeam Wireless’ actual results is and will be included in filings made by Terabeam Wireless from time to time with the Securities and Exchange Commission and in its other public statements.
Financial
Tables are include here in Adobe Acrobat (
PDF
Document) format. If you do not have Adobe Acrobat, you can download
it for free from Adobe.
David L. Renauld
Vice President, Corporate Affairs
(413) 665-8551