SAN DIEGO-Wireless Facilities Inc. is coming back strong, posting a fiscal third-quarter net income of $5.8 million, or 8 cents per share, after posting a $14.9 million net loss, or 22 cents per share, during the same period a year ago. But the company warned that flat sales are likely in the fourth quarter because of operational problems in Latin America and hurricane-related problems in the Gulf region, where the company does much if its domestic business building and managing Wi-Fi networks.
WFI reported revenues of $108.9 million, up 14 percent compared with the $95.8 million it reported a year ago. Operating income decreased about 52 percent, from $16.1 million in the third quarter of last year to $7.8 million this year.
“This past quarter we made significant progress on a number of strategic initiatives,” said Eric DeMarco, president and chief executive of WFI.
“First, we were successful in winning a number of important contracts in our government division, including two sizeable five-year contracts, one with an expected value of $25 million and the other with an expected value of $30 million, and blanket purchase agreements to supply RFID technology to the Department of Defense. We were also successful in continuing to expand our bid pipeline. We now have more than $115 million in bids outstanding that are in various phases of the evaluation process.
“Second, we were successful in gaining traction on our strategy of targeting municipal markets for network infrastructure services, winning a spot on the team that will build a Wi-Fi network for the city of Madison and joining with Google in a bid to provide Wi-Fi services to the City of San Francisco. We are actively involved with other municipal Wi-Fi projects and expect to be successful in winning additional work in this area in the future. Third, we made key hires in two important new markets for us: public safety and IP and core network engineering.”
