AirNet Communications Announces First Quarter Results - Revenues Grow 16% on Sequential Basis -.Business Editors/High-Tech Writers MELBOURNE Melbourne, city, Australia Melbourne, city (1991 pop. 2,761,995), capital of Victoria, SE Australia, on Port Phillip Bay at the mouth of the Yarra River. Melbourne, Australia's second largest city, is a rail and air hub and financial and commercial center. , Fla.--(BUSINESS WIRE)--April 26, 2001 AirNet Communications Corporation (Nasdaq:ANCC ANCC American Nurses Credentialing Center ANCC Association Nationale des Cardiaques Congénitaux ANCC Army-Navy Country Club (Arlington, VA) ANCC Area Nine Cable Council (state mandated government body in UK) ), the technology leader in base station products for 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. , today announced financial results for the first quarter ended March 31, 2001. The company reported net revenues of $6.4 million, compared to $5.5 million in the fourth quarter of 2000. As expected, the company reported an 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. for the first quarter of $14.7 million, compared to $28.4 million in the previous quarter. The net loss for the quarter was $14.3 million, or $.60 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $27.6 million or $1.16 per fully diluted share in the previous quarter. Per share amounts were based on 23.8 million weighted average shares for the first quarter 2001 and 23.7 million for the fourth quarter 2000. First quarter growth primarily reflects revenue from the company's growing customer base both domestically and internationally. At the same time, the company continued to expand its product offerings with the introduction of its software upgrade to EDGE (Enhanced Data for GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. Evolution) and its GSM 850 product. The company also announced that it had secured additional investment funding to support its ongoing development and sales efforts worldwide. Highlights for first quarter include: -- Obtained $30 million in additional investment commitments from Mellon Ventures, Ltd., SCP Private Equity Partners ll, L.P., and Tandem PCS Investments, L.P. -- Obtained customer acceptance for its GPRS solutions - demonstrating that the AirNet base station is software-upgradeable to full speed GPRS -- Announced the EDGE software upgrade to AirNet's base station and that two large operators will trial EDGE on the AirNet platform -- Introduced the new GSM 850 base station system, which allows AMPS, TDMA and other operators to easily migrate to 2.5 and 3G services -- Continued progress with five large operator trials - currently four are up and running, three are carrying commercial traffic, and one is in deployment "We are pleased with the significant achievements of the first quarter," said Lee Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , president and chief executive officer of AirNet. "We continue to make progress towards executing our business strategy and are positioned for strong growth in 2001. "Operators in today's difficult capital environment need the most cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. and innovative technology to expand their networks," added Hamilton. "Consequently, the demand for AirNet's broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). , software-defined base station products continues to be strong." Conference Call The Company will hold a conference call today, April 26, 2001 at 5:30 p.m. (ET) to discuss this news release. The dial-in number for the conference call is (719) 457-2618. A replay of the conference call will be available beginning today at 8 p.m. (ET) until 12:00 a.m. (ET) on Thursday Thursday: see week. , May 3, 2001. The replay number for the conference call is (719) 457-0820, and the pass code is 789319. About AirNet AirNet Communications Corporation is a leader in wireless base stations and other telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment that allow service operators to cost-effectively and simultaneously offer high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. wireless Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and voice services to mobile subscribers. AirNet's patented broadband, software-defined AdaptaCell(TM) base station solution provides a high-capacity base station with a software upgrade path to the wireless Internet. The Company's AirSite(R) Backhaul (1) The original definition of backhaul was to transmit a telephone call or data beyond its normal destination point and then back again in order to utilize available personnel (operators, agents, etc.) or network equipment that is not located at the destination location. Free(TM) base station carries wireless voice and data signals back to the wireline network, eliminating the need for a physical backhaul link, thus reducing operating costs operating costs npl → gastos mpl operacionales . AirNet has 71 patents issued or filed and has received the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. World Award for Best Technical Innovation from the GSM Association (GSM Association, Dublin, Ireland, www.gsmworld.com) A membership association founded in 1987 that promotes the development and evolution of the GSM communications standard worldwide. , representing over 400 operators around the world. More information about AirNet may be obtained by calling 321.984.1990, or by visiting the AirNet Web site at www.airnetcom.com. 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 Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 The statements contained in this press release that are not historical information 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 relate to future events or our future financial performance, including statements regarding our expectations, beliefs, plans, estimates, intentions or strategies for the future. Forward looking statements include statements regarding the transition and evolution to high-speed data and wireless Internet services, future sales to customers and customer deployment plans. All forward-looking statements included in this release are based upon information available to AirNet Communications Corporation as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and we assume no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause our actual results to differ materially from those projected. Potential risks and uncertainties include, but are not limited to, our historical and future losses, our limited operating history, and fluctuations in our quarterly revenues and operating results. These and other risks are discussed in Company filings with the Securities and Exchange Commission, including its Annual Report on 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. for the year ended December December: see month. 31, 2000. AirNet(R) and AirSite(R) are registered trademarks with the U.S. Patent and Trademark Office. The stylized styl·ize tr.v. styl·ized, styl·iz·ing, styl·iz·es 1. To restrict or make conform to a particular style. 2. To represent conventionally; conventionalize. AirNet mark, AdaptaCell(TM), Super Capacity(TM), Backhaul Free(TM), and We're Ready for Anything(TM) are trademarks of AirNet Communications Corporation. Other names are registered trademarks or trademarks of their respective companies or organizations.
AIRNET COMMUNICATIONS CORPORATION
CONDENSED BALANCE SHEETS
(In thousands)
UNAUDITED AUDITED
MAR. 31, DEC. 31,
2001 2000
ASSETS
Cash and cash equivalents $ 8,154 $28,867
Accounts receivable, net 9,535 8,218
Inventories 31,528 32,769
Notes receivable, net 3,775 5,932
Other current assets 987 1,028
------- -------
Total current assets 53,979 76,814
------- -------
Property and equipment, net 12,971 11,664
Long-term notes receivable 3,148 3,060
Other long-term assets 1,490 596
------- -------
Total assets $71,588 $92,134
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $12,849 $13,198
Accrued expenses 4,441 4,136
Current portion of capital lease
obligations 791 803
Customer deposits 937 2,398
Deferred revenue 3,315 7,161
------- -------
Total current liabilities 22,333 27,696
------- -------
Capital lease obligations 242 215
------- -------
Stockholders' equity 49,013 64,223
------- -------
Total liabilities and
stockholders' equity $71,588 $92,134
======= =======
AIRNET COMMUNICATIONS CORPORATION
CONDENSED STATEMENT OF OPERATIONS
(In thousands, except per share date)
UNAUDITED
THREE MONTHS ENDED
MAR. 31, 2001 MAR. 31, 2000
NET REVENUES $ 6,394 $ 7,065
COST OF REVENUES 6,088 4,628
------------ ------------
Gross profit 306 2,437
------------ ------------
OPERATING EXPENSES:
Research and development 8,612 6,078
Sales and marketing 4,163 2,475
General and administrative 2,131 1,125
Stock-based compensation 95 109
------------ ------------
Total costs and expenses 15,001 9,787
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LOSS FROM OPERATIONS $ (14,695) $ (7,350)
------------ ------------
OTHER INCOME (EXPENSE), net 360 1,345
------------ ------------
NET LOSS $ (14,335) $ (6,005)
============ ============
NET LOSS PER SHARE - basic
and diluted $ (0.60) $ (0.26)
============ ============
WEIGHTED AVERAGE SHARES USED
IN CALCULATING BASIC AND
DILUTED LOSS PER SHARE 23,770,975 23,262,720
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