5G Wireless Solutions, Inc. Announces Positive Operating Results for 9 Months Ended September 30, 2005.MARINA DEL REY Del Rey may refer to:
Seventh graph, first sentence should read: Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was reported at ($1,701), less than 1% of net revenue (instead of ($156,951), less than 10% of net revenue). The corrected release reads: 5G WIRELESS SOLUTIONS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . ANNOUNCES POSITIVE OPERATING RESULTS FOR 9 MONTHS ENDED SEPTEMBER 30, 2005 5G Wireless Solutions, Inc., a wholly-owned subsidiary of 5G Wireless Communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FGWC), today announced financial highlights for the first nine months of fiscal year 2005 on an unaudited basis. For the nine months ending September 30, 2005, the subsidiary posted gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $2,083,294 and net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $1,634,094. Sales principally comprised Wi-Fi equipment to colleges, universities and municipalities. "We are seeing acceleration in market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of our product offerings," stated Jerry Dix, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of 5G Wireless Communications. "Our wireless gear is up and running at nearly a dozen university campuses throughout the country. Our sales team continues to develop qualified clients that are being added to our growing sales pipeline going into 2006. We're enjoying widespread and heightened interest from municipal IT planners, and expect to capture a sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. segment of the small to midsize citywide market. We
feel our advantages over mesh network A communications network in which there are at least two pathways to each node. If one of the paths fails, the other is still available.A "fully meshed" network means that every node has a direct connection to every other node, which is a very elaborate and expensive architecture. architectures will become increasingly evident as we get the word out on how well our cellular-style Wi-Fi approach is performing, while keeping TCO (1) (Total Cost of Ownership) The cost of using a computer. It includes the cost of the hardware, software and upgrades as well as the cost of the inhouse staff and/or consultants that provide training and technical support. See ROI. (Total Cost of Ownership) at its lowest level possible." Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold was $615,178, yielding gross profit of $1,018,916. Gross margin, a measure of the ability to manufacture products profitably, has increased in the past three quarters. Gross margin percentage for the three months ended March 31, 2005 was 44%, increasing to 76% for the three months ended June 30, 2005, increasing to 89% for the three months ended September 30, 2005. This increase of over 100% in gross margin percentage shows an ongoing increase in productivity as the company continues to produce higher volumes of product. Selling, general and administrative expenses for the nine months were $841,803, or 52% of net revenue. These expenses primarily consist of labor and related personnel expenses, commissions and office-related expenses. Since January 1, 2005, management has reduced headcount, terminated most consulting arrangements which were not revenue-related, cut the number of legal firms from several to one, and reduced all other general and administrative expenses through the implementation of rigorous cost controls. The company believes this trend will continue due to a heightened awareness of the need for cost controls and the ability to do more with less. Research and development expenses were $178,814, or 11% of net revenue. The deployment of an increasing amount of resources to develop new products, as well as to add enhancements to existing products, is evidenced by increased R&D spending as a percentage of revenue from 8% for the three months ended March 31, 2005, to 11% for the three months ended June 30, 2005, to 21% for the three months ended September 30, 2005. This effort has resulted in market acceptance of the company's "cellular-style" Wi-Fi network See wireless Ethernet and 802.11. architecture, a new 802.11b/g compatible base station product, and several new security measures Noun 1. security measures - measures taken as a precaution against theft or espionage or sabotage etc.; "military security has been stepped up since the recent uprising" security . Operating loss was reported at ($1,701), less than 1% of net revenue. As sales continue to increase incrementally, and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decline, it is anticipated that 5G Wireless Solutions' results of operations and cash flow will improve significantly. In an important milestone for the subsidiary, as of September 30, 2005, an order backlog (build-to-book) representing approximately $500,000 in revenue was in production. About 5G Wireless Solutions, Inc. 5G Wireless Solutions, Inc., located in Marina del Rey, Calif., is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. company of 5G Wireless Communications, Inc. (OTCBB:FGWC). The company creates and markets wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 solutions for university and municipal campuses, and provides wireless networking See wireless network. equipment to a select group of VARs and WISPs through its Authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Channel Partners program. Customers enjoy high performance internet access See how to access the Internet. at lower acquisition, implementation and maintenance costs than most major competitors because of uniquely enhanced Wi-Fi base stations. 5G Wireless Solutions products are distinguished by their exceptional service area range, throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. speeds, number of concurrent users In computer science, the number of concurrent users for a resource in a location, with the location being a computing network or a single computer, refers to the total number of people using the resource at the same time. , non-line-of-sight (NLOS NLOS Non-Line of Sight NLOS No Line of Sight (satellite TV) NLOS Near Line of Sight ) capabilities and unique security protocol. These enhancements are compatible with standard IEEE (Institute of Electrical and Electronics Engineers, New York, www.ieee.org) A membership organization that includes engineers, scientists and students in electronics and allied fields. 802.11b Wi-Fi equipment for "last mile" roaming The ability to use a communications device such as a cellphone or PDA and be able to move from one cell or access point to another without losing the connection. and point-to-multipoint networks. 5G's value proposition -- significantly increased performance at the lowest possible total cost of ownership (TCO) -- is quickly becoming a key consideration in the strategic deployment of the wireless experience. Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise which could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited, to those set forth in the company's Form 10-KSB filing and other filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise. All product or service names mentioned herein are the trademarks of their respective owners.
5G WIRELESS COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended September 30, 2005
-------------------------------------
Solutions Communications Total
--------- -------------- ------------
Net sales $241,817 $- $241,817
Cost of sales 27,066 - 91,168
--------- -------------- ------------
Gross profit 214,751 - 150,649
Operating expenses:
Selling, general and
administrative 225,886 91,195 317,081
Research and development 51,520 - 51,520
--------- -------------- ------------
Total operating expenses 277,406 91,195 368,601
--------- -------------- ------------
Income (loss) from continuing
operations (62,655) (91,195) (153,850)
Interest income and other, net 5,620 (262,013) (256,393)
--------- -------------- ------------
Income (loss) before income taxes (57,035) (353,208) (410,243)
Income taxes - - -
--------- -------------- ------------
Income (loss) from continuing
operations $(57,035) $(353,208) $(410,243)
Basic net earnings (loss) per
common share $- $(0.00) $(0.00)
--------- -------------- ------------
Earnings (loss) from
continuing operations $- $(0.00) $(0.00)
========= ============== ============
Basic - 992,654,258 992,654,258
========= ============== ============
Diluted - 992,654,258 992,654,258
========= ============== ============
Nine months ended September 30, 2005
---------------------------------------
Solutions Communications Total
----------- -------------- ------------
Net sales $1,634,094 $- $1,634,094
Cost of sales 615,178 - 615,178
----------- -------------- ------------
Gross profit 1,018,916 - 1,018,916
Operating expenses:
Selling, general and
administrative 841,803 1,106,907 1,948,710
Research and development 178,814 - 178,814
----------- -------------- ------------
Total operating expenses 1,020,617 1,106,907 2,127,524
----------- -------------- ------------
Income (loss) from continuing
operations (1,701) (1,106,907) (1,108,608)
Interest income and other, net (155,250) (1,153,399) (1,308,649)
----------- -------------- ------------
Income (loss) before income
taxes (156,951) (2,260,306) (2,417,257)
Income taxes - - -
----------- -------------- ------------
Income (loss) from continuing
operations $(156,951) $(2,260,306) $(2,417,257)
Basic net earnings (loss) per
common share $- $(0.00) $(0.00)
----------- -------------- ------------
Earnings (loss) from
continuing operations $- $(0.00) $(0.00)
=========== ============== ============
Basic - 940,379,054 940,379,054
=========== ============== ============
Diluted - 940,379,054 940,379,054
=========== ============== ============
5G WIRELESS COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
September 30, 2005
Solutions Communications Total
---------- -------------- -----------
ASSETS
Current assets:
Cash and cash equivalents $84,564 $384 $84,948
Accounts receivable, net 983,364 - 983,364
Inventories, net 82,019 - 82,019
Property & equipment, net 139,410 - 139,410
Other current assets 2,000 - 2,000
---------- -------------- -----------
Total assets 1,291,357 384 1,291,741
========== ============== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $144,734 $517,383 $662,117
Notes payable - 17,500 17,500
Accrued interest on notes payable - 140,505 140,505
Convertible notes, net of
discount - 1,505,858 1,505,858
---------- -------------- -----------
Total current liabilities 144,734 2,181,246 2,325,980
Shareholders' deficit, net of
consolidating elimination (156,951) (877,288) (1,034,239)
---------- -------------- -----------
Totals $(12,217) $1,303,958 $1,291,741
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