CHATSWORTH, Calif.-Focus Wireless Communications reported revenues for the first quarter ended June 30 of $7.5 million, a decrease from the $8.7 million reported for first-quarter 1998.
The company, formerly named Intellicell Corp., experienced a net loss of $1.7 million, or 24 cents per share, compared with a net loss of $562,000, or 13 cents per share, for the same period last year.
Focus said it attributes the majority of its losses to nonrecurring severance costs of former management. During the quarter, the company hired Michael Hedge and Mark Fruehan, former executives at CellStar Corp., as president and chief executive officer, and executive vice president, respectively.
Hedge said Focus plans to achieve future expansion through both internal growth and acquisitions.
“Most recently, we announced a merger agreement with Cellular Wholesalers Inc., a wholesale distributor based in Chicago. We expect that merger will offer our company many synergies, including a diversified customer base, warehouse facilities and the ability to accelerate our Internet e-commerce initiative,” said Hedge.
