SAN JOSE, Calif.—Fixed-wireless equipment manufacturer Hybrid Networks Inc. said it may be forced to seek bankruptcy protection if it does not find a buyer soon.
The company is facing liquidity issues that include liabilities that exceed its cash and cash equivalents by approximately $4.2 million as of Dec. 31. Hybrid has about $736,000 in working capital.
The company also laid off another nine employees, in addition to the 15 employees laid off in November, leaving Hybrid with a staff of 41.
Michael Greenbaum, president and chief executive officer of Hybrid, said the company was able to decrease its net losses in 2001, but international opportunities did not develop as rapidly as anticipated.
The company reported a net loss for the fourth quarter of $347,000, or 2 cents per share, compared with a net loss of $5.6 million, or 26 cents per share, for the same time the previous year. Hybrid experienced a net loss for the year of $10.7 million, or 48 cents per share, compared with a net loss of $37.2 million, or $2.03 per share, for 2000.
