CALGARY-Wi-LAN Inc., provider of broadband wireless communications products, said it was cash-flow positive from operations in its third quarter ended July 31. The company also reiterated its annual revenue and quarterly cash flow guidance.
Revenue was approximately $5.28 million, compared with $4.26 million for the prior quarter, and $4.3 million for the year-ago quarter, with revenue from the company’s core broadband fixed wireless access products at $6 million. Revenue from the company’s TIL-TEK antenna business was $940,000.
Cash flow generated by operations was $289,000, compared with $578,000 used in the second quarter. “Wi-LAN has accomplished its goal of being cash-flow positive from operations in the third quarter. This is truly a milestone for our company and demonstrates Wi-LAN’s leadership in our industry,” said Hatim Zaghloul, Wi-LAN’s chairman and chief executive officer.
The company also announced the closing of the public offering of 3.91 million units at a price of $2.65 per unit for proceeds of $10.36 million, which will be used to support sales growth.