TORONTO—Moody's Investor Services has lowered Nortel Networks Corp.'s credit rating to junk status.The rating on its senior long-term debt dropped to Ba3 from Baa3, while the rating on its preferred fell to B3 from Ba2. The rating for commercial paper slid to Not Prime...
DENVER—Qwest Communications International Inc. said the SEC has informed the company that it will be subject to a formal investigation regarding its accounting practices. The investigation follows an informal inquiry regarding the same matters launched by the SEC last month. Qwest said it...
VANCOUVER, British Columbia—Wireless enterprise software company Infowave Software Inc. announced preliminary results for the first quarter, showing decreasing revenues and a drop in its net losses."Despite disappointing financial results, our sales funnel remains strong and we have seen increased interest among Fortune 500 companies...
BOCA RATON, Fla.—SBA Communications Corp. reaffirmed its first-quarter revenue guidance of $60 million to $66 million, and EBITDA of $18.5 million to $21 million.SBA plans to announce first-quarter earnings May 6.
BOULDER, Colo.—SignalSoft Corp. expects to report revenue below guidance for the first quarter ended March 31, due to delayed deployments of new mobile location services by major wireless carriers.SignalSoft said revenues for the quarter should total approximately $3.8 million to $4 million, which is...
HAUPPAUGE, N.Y.-Problems with Qualcomm Inc. CDMA chipsets and delays in carrier approvals of new handsets led to a disappointing first fiscal quarter for Audiovox Corp.The company reported net sales for the quarter ended Feb. 28 of $191 million, compared with sales of $331 million...
NEW YORK—CellPoint Inc. said it reached a settlement in its malpractice lawsuit against the company's former legal counsel, receiving approximately $1.3 million, including a cash component and compromise on prior legal fees billed.CellPoint filed the suit in December, alleging the law firm failed to...
CAMPBELL, Calif.—P-Com Inc. announced its restructuring program is nearing completion. The company said it has reach an agreement to restructure most of its $29.3 million in bonds, with the remainder of its bonds under discussion with debt holders. In addition, the company said it...
OWINGS MILLS, Md.—Wireless data services provider Aether Systems Inc. announced it will buy back $15 million in convertible debt, a move that comes about a year after the company bought back $20 million in debt."Aether is continuing to optimize our collective and unique set...
INDIANAPOLIS—Brightpoint Inc. announced its earnings for the first quarter, ended March 31, will fall below expectations disclosed January 31.Now, the company expects net loss per diluted share from operations to range from 23 to 25 cents, although it said that number will change to...
COUDERSPORT, Pa.—Adelphia Business Solutions Inc., the largest holder of 31 GHz local multipoint distribution services spectrum in the United States, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.ABS said the financial restructuring was the most...
SUNNYVALE, Calif.—Conductus Inc. announced it completed a $7.3 million private placement of equity to support the commercialization of its ClearSite products for the wireless market.Under the terms of the financing, investors (led by Special Situation Fund and including Palo Alto Investors) purchased 3.7 million...
HACKENSACK, N.J.—GoAmerica Inc. announced significant customer additions and improvements in its operational expenses but the news failed to impress investors, which sent the company's stock down almost 12 percent after the news to about $1.40 per share.GoAmerica reported a total customer base of about...
FRANKFURT, Germany—Ratings agency Moody's Investors Service has downgraded Marconi plc to Ca from B2 in its unsecured bond, while the company's senior implied rating dropped to Caa3 from B1."The rating action reflects Marconi's extremely weak liquidity profile, uncertainty regarding the company's funding horizon from...
KIRKLAND, Wash.—Nextel Partners Inc. reportedly amended the terms of its credit facility providing an additional $50 million term loan, according to Dow Jones Business News. The carrier noted that even with the amended credit facility its outstanding debt exceeds the level of its revenue...
TEL AVIV, Israel—Wireless streaming media company Emblaze Systems Ltd. released its financial results for last year, showing net losses of $29 million and no relief in sight for at least the next year."2001 will be remembered as a year of significant global economic downturn...
SANTA CLARA, Calif.—Investors and the analyst community roared their approval of Palm Inc.'s third-quarter results, sending the company's stock up almost 25 percent to about $3.90 per share.Palm reported revenues of $293 million for the third quarter, up 1 percent from the $291 million...
NEW YORK—Standard & Poor's revised its outlook for SpectraSite Holdings Inc. to negative from stable due to the tower company's dependence on external funding."The current economic environment increases the financial risk for all companies dependent on additional external capital to implement their business plans,"...
LONDON—Deutsche Telekom announced it will implement a four-point plan to keep its debt reduction program on track:A dividend of 37 cents for 2001, which is 40 percent lower than last year, will be proposed to the supervisory board and the general meeting of shareholder;There...
NEW YORK—Moody's Investors Service Inc. has downgraded the debt of Brightpoint Inc., Indianapolis, citing the "recent decline in profitability" of the company and the "uncertainty associated with growth in the wireless handset market over the next several quarters."In its announcement after the close...
LAS VEGAS—Chadmoore Wireless Group. Inc., a dissolved Colorado-based company now selling its assets to Nextel, announced it will begin the initial distribution of cash to its shareholders in approximately three weeks.
HANNOVER, Germany—Deutsche Telekom and Microsoft Corp. are presenting mobile solutions for business customers at this week's CeBIT trade show in Germany and announced the companies will cooperate in developing devices for next-generation mobile phones.The first offerings should be available by the third quarter.Under the...
LONDON—Brokerage firm Merrill Lynch has pared down its estimates of Nokia Corp. and Ericsson, citing a slow take-off in infrastructure equipment and next-generation handset sales.The report comes just ahead of Nokia's plan to unveil optimistic figures on its handset and network equipment sales.Merrill expects...
VANCOUVER, British Columbia—Wireless enterprise software provider Infowave Software announced dismal fourth-quarter results, showing a 30 percent drop in revenues from the same quarter last year and a net loss of $4.8 million.The company reported revenues of $534,867, compared with $768,544 in the same period...
