Vyyo Inc. reduced its work force by approximately 75 percent to less than 50 employees due to "uncertainty in the fixed wireless market and deteriorating economic conditions," according to John O'Connell, Vyyo's chief executive officer, although the company said it is not considering bankruptcy."The...
LONDON—Moody's Investor Services has cut the ratings of European vendor Marconi plc to Ba1 from Baa2, the second ratings agency to relegate the firm to junk status.Standard & Poor's was the first."Moody's noted the increased pressure on operating profit with low visibility going forward,...
CARROLLTON, Texas-CellStar Corp., a provider of value-added logistics for wireless products, has registered to exchange half of its outstanding stock plus $20 million in cash to retire up to $150 million in convertible subordinated debt, the company said Sept. 4.As filed with the Securities...
SAN JOSE, Calif.-Software and services provider Pumatech Inc. announced all officers and corporate vice presidents of the company will forego 10 percent of their salaries to help the company in its effort to reestablish profitability.The company also said all other U.S.-based employees will undergo...
SCHAUMBURG, Ill.—Motorola Inc. revised its third-quarter forecast for this year, saying that sales will be flat compared with the second quarter, rather than improving 5 percent as it previously projected."The improvement in the operating loss sequentially from second quarter is attributable to increased sales...
SAN JOSE, Calif.—Software and services provider Pumatech Inc. today released its fourth-quarter results, showing falling revenues and a 20-percent cut in its work force.Pumatech's worldwide work force dropped to 215 full-time employees, and the company said it consolidated its business facilities in California and...
SAN JOSE, Calif.—Multichannel multipoint distribution services equipment provider Hybrid Networks Inc. said it will be listed on the Nasdaq Small Cap Market effective today, subject to the provision that on or before Sept. 5, the company submits a filing documenting a minimum amount of...
SARASOTA, Fla.—Speedcom Wireless Corp. closed an $8.4 million private placement that leaves the fixed wireless broadband products provider in the enviable position of having a "virtually debt-free" balance sheet, the Sarasota, Fla.–based company said Aug. 28.As the result of this new financing, the company...
SINGAPORE—Flextronics International Ltd. said it plans to acquire Telecom Global Solutions Inc., which provides wireless networks and radio-frequency consulting services for the wireless telecommunications industry.The company expects to close the acquisition of Irving, Texas-based Telecom Global by the end of August this year.
CALGARY, Canada—Cell-Loc Inc. today released its earnings report for the fourth quarter, ended June 30, showing net losses the company said are in line with its continuing restructuring.The net loss for the quarter was $3.8 million, and for the year the company reported a...
ORLANDO, Fla.-Triton Network Systems Inc.'s board of directors voted to liquidate the company, including inventory, property and equipment, and distribute the net proceeds to stockholders, Triton announced.The plan is subject to shareholder approval, but Triton estimates that assets available for distribution will be between...
MURRAY HILL, N.J.—Lucent Technologies Inc. said its bank group has given it the go-ahead to renegotiate its $4 billion loan by recording the business restructuring and other charges.The green light also allows the company to change the conditions to spin off its semiconductor unit,...
One man's asset recovery is another man's poison.Like a stylized garage sale, wireless equipment manufacturers are auctioning off excess inventories, which are being shipped to needy markets in the United States and developing countries in Africa, Asia and Latin America.Industry sources estimate the business...
NEW YORK-Cotelligent Inc. has no debt, cash reserves of $22 million and a $100 million line of credit to finance its expanded focus on enterprise connectivity to mobile workers, a market Ovum Inc. projects will total $29 billion by 2006. But the San Francisco-based...
NEW YORK-The disjointed approach of the diverse players involved in mobile data communications is a major hindrance to their ability to capitalize on the potential of the corporate enterprise market, which could total $29 billion worldwide by 2006, a new Ovum report concluded.Cellular and...
NEW YORK-"The business of resurrections is a very holy thing, taking companies that are dead, dead, dead and making them rise, rise, rise," said Art Beroff, an angel investor and merchant banker, at the recent Internet Breakfast Club seminar, "Saved by the Shell: Reverse...
NEW YORK-The Financial Accounting and Standards Board has eliminated the advantageous tax treatment called "pooling-of-interests" for most mergers and acquisitions initiated after June 30.Many companies that have relied disproportionately on pooling-of-interest accounting treatment, including those in the high-technology sector, had lobbied hard to prevent...
NEW YORK-In profits, the category that counts the most, Nokia Corp. retained top billing, with Ericsson Inc. holding on to second place, according to information from Standard & Poor's.Lucent Technologies Inc., which ranked sixth last year, moved into third place, displacing ADC Telecommunications Inc.,...
Executives for personal digital assistant giant Palm Inc. last week discussed the possibility of splitting the company's operating system business and its device manufacturing segment into two separate companies, an idea that has fueled a hefty amount of discussions during the past few months.Palm...
A ray of hope illuminated the increasingly dark local multipoint distribution service sector last week when XO Communications Inc. announced in conjunction with its first-quarter financial results that it secured $250 million in much-needed funding, but the broadband provider also said it will be...
Lucent Technologies Inc.'s slow and steady slide from Wall Street darling to Wall Street doldrums accelerated last week when the company issued a profit warning that triggered several downgrades and sent its stock plummeting to a new 52-week low.The company said it expects earnings...
WASHINGTON-Nearly a week after the Federal Communications Commission ruled that wireless carriers can be subject to damages awarded in civil lawsuits, consumers and the industry are reading the ruling differently. Meanwhile, interest in wireless consumer issues on Capitol Hill is picking up momentum.To the...
Palm Inc. introduced a wireless solution for its full line of personal digital assistants at PC Expo last week called the Mobile Internet Kit.The kit consists of a software upgrade that adds Palm's Web Clipping technology to the devices, allowing them to interact with...
