Amedia Networks, Inc. Announces Financial Results for the Second Quarter of 2006.EATONTOWN, N.J. -- Amedia Networks, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AANI), a provider of home gateways and switched Ethernet An Ethernet network that is controlled by a switch instead of a shared hub. The switch cross connects all clients, servers and network devices, giving each sending-receiving pair the full rated transmission speed. ultra-broadband solutions, today announced the results for the second quarter ended June 30, 2006. Amedia did not report any revenues for the three months ended June 30, 2006 and 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. of approximately $2.3 million during such period as it prepared to bring its new products to the market. Amedia had a net loss of $6.2 million for the second quarter which included $1.5 million of interest expense, a non-cash extraordinary charge of $641,738, and Dividends of $1,732,342. This compares to a net loss of $5.5 million for the three months ended June 30, 2005, including interest expense of $260,315, and Dividends of $3,105,182. The balance sheet included $3.1 million in cash and cash equivalents as of June 30, 2006. Total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. were $4.1 million as of such date compared to $2.5 million in total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. for the second quarter of 2006. The Company reported total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $3.2 million. Frank Galuppo, President and 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 Amedia, commented, "The second quarter was noteworthy in that we reached several key accomplishments which should enable us to successfully launch our products to the mass market in 2007. Recently, we completed another critical milestone in our strategic alliance with Motorola." Frank Galuppo continued, "JD Gardner, Chief Financial Officer of Amedia, and myself plan on hosting a conference call in mid-September of 2006. On this conference call we intend to give shareholders a more complete and detailed update on our strategic alliance agreement with Motorola as well as the progress of our overall business plan. We will also have a Q & A session following our prepared comments. I invite all of you to attend and participate on the call." About Amedia Networks, Inc. Amedia designs and develops premises gateways and switched Ethernet access solutions. These secure and flexible solutions are used by network operators deploying Fiber-to-the-Premises, Fiber-to-the-Building, or Fiber-to-the-Node infrastructures in order to offer their residential and enterprise subscribers high-speed data, IP video, and Voice over Internet Protocol (VoIP) services with the highest level of service quality. For more information about Amedia Networks, please visit www.amedia.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. This press release may contain "forward-looking" statements as that term is defined in 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. A number of factors could cause Amedia's actual results to materially differ from anticipated results expressed in such forward-looking statements. Such factors are addressed in Amedia's filings with the Securities and Exchange Commission (available at www.sec.gov). Amedia assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise in the future. |
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