SUNNYVALE, Calif.-Proxim Corp. closed out its first quarter, which ended March 28, with increasing revenues and declining losses compared with the same period a year ago.
Revenues were $40 million, comprising $17.1 million from North American sales and $16.9 million from international customers, up from the $24.5 million total reported for the first quarter of 2002. The net loss for the latest complete quarter was $10.8 million, or nine cents per share, down from $58.6 million, or 96 cents per share.
However, Proxim cautioned, “business visibility is limited at this time,” and said that its first-quarter revenues represented a 48 percent decrease from the fourth quarter of 2002.
“The results for the first quarter of 2003 reflect the impact of the weak U.S. economy, compounded by war-delayed purchasing decisions,” Proxim said.
“This resulted in reduced demand for the company’s products in both the wireless wide area network and the wireless local area network products. Sales of telco WWAN and OEM WLAN products were particularly weak during the first quarter.”
