Adaptive Broadband Announces Planned Restatement of June 2000 Quarter Results.Business Editors/High-Tech Writers SUNNYVALE, Calif.--(BUSINESS WIRE)--March 15, 2001 Adaptive Broadband Corporation (Nasdaq:ADAP ADAP AIDS Drug Assistance Program ADAP Alcohol and Drug Awareness Program ADAP Agricultural Development in the American Pacific ADAP Autodiscovery/Autopurge ADAP Airport Development Aid Program ADAP Advanced Digital Antenna Production ) announced today that it expects to restate its revenue and cost of revenue for the quarter ended June 30, 2000. The company currently expects that its revenue and cost of revenue for the quarter will be reduced by $4.0 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a sales transaction recorded during the quarter that the company now believes should not have been recognized. After this restatement, revenue for the quarter would be $13.1 million. The company does not expect the restatement to affect its gross margin or net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . As previously announced, as of December 31, 2000, the company significantly increased its allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. to reflect the condition of certain customers involved in several sales transactions, including the one that requires the restatement. The company also said that its new management team is working with the company's Board of Directors, auditors and outside counsel to determine whether any other similar transactions exist in the same or other accounting periods, and if so, what actions, if any, may need to be taken with respect to them. The company hopes to be in a position to make this determination by March 30, 2001. Based on this review, the company will take whatever steps may be necessary so that its financial reporting practices for all past and future periods conform in all respects to applicable accounting standards. About Adaptive Broadband Adaptive Broadband (www.adaptivebroadband.com) is a data networking solutions company that is developing leading-edge technology for the deployment of broadband wireless See wireless broadband. communication over the Internet. Its AB-Access(TM) fixed wireless broadband platform bridges the last mile, currently replacing the local loop for corporate and small business subscribers and migrating to the residential market. Combining a leading packet-on-demand technology and time division duplexing, it offers data transmission at rates up to 25 Mbps-providing the capability for voice, real-time video conferencing, transmission of full streaming video, web surfing, and transmission of data files-all simultaneously and over one connection. 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. Statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 This press release includes forward-looking statements within the meaning of the Securities Exchange Act of 1934, including the description of the expected restatement of financial results. All forward-looking statements are based on current information, and Adaptive Broadband undertakes no obligation to update such statements. Forward-looking statements involve risks and uncertainties, and actual events or results may differ materially from those suggested by a forward-looking statement. Factors that could cause actual events or results to differ materially include, but are not limited to, fluctuations in quarterly results, delays in receipt of orders or in the shipment of or payment for products, delays in the recovery of data communications and Internet markets and delays in product cost reductions. These and other risks are set forth in Adaptive Broadband's filings with the Securities and Exchange Commission, such as its most recent reports on Form 10-Q Form 10-Q See 10-Q. and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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