Blue Wave Systems Inc. Sees Subcontractor Delays Impacting Fourth Quarter Revenues.DALLAS--(BUSINESS WIRE)--June 17, 1999-- Blue Wave Systems, Inc. (NASDAQ/NMS:BWSI), the leading board-level DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive solutions provider, today announced that its fourth quarter revenues will be adversely affected by subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. delays. As disclosed in a press release dated April 30, 1999, the company has experienced supplier delays that impact $1.3 million of initial product deliveries into two military/aerospace programs. Due to continued delays, the vast majority of these orders are now expected to be fulfilled ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. in the company's first fiscal quarter ending September 30, 1999. As a result, the company will report a loss during its fourth fiscal quarter ending June 30, 1999. "Our actions are focused on mitigating the extent of the delays and supporting our customers' development efforts on these two new programs," stated Charles D. Brockenbush, chief financial officer. "Although supply chain delays are not acceptable, these high value products are complex and thus inherently more susceptible to delays during their introductory stage." Blue Wave's DSP-based Solutions Blue Wave Systems (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , NMS See NetWare Management System. : BWSI) is the world's leading supplier of board-level DSP solutions and provides digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). (DSP) boards and subsystems to more than one-half of the world's top 40 industrial companies. Blue Wave Systems is principally involved in the development and sale of embedded Inserted into. See embedded system. DSP computers for a variety of industries. The company resulted from the merger of Mizar, Inc. and Loughborough Sound Images Ltd. in April 1998. This press release contains 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. which are based on expectations of the Company but involve a number of risks and uncertainties, including, but not limited to, technological change, quarterly fluctuations, integration of Mizar and Loughborough Sound Images, dependence on the defense industry, dependence on key suppliers and employees, competition, and Year 2000 compliance. The foregoing list should not be construed as exhaustive and the Company disclaims any obligation subsequently to revise forward-looking statements to reflect unanticipated events. For a further explanation of risk factors please see the Company's most recent SEC filings. The Company further cautions users who may utilize published bookings and backlog information as tools to forecast the company's revenue during a given timeframe since certain purchase orders may be subject to 1) cancellation and, 2) revision to delivery schedules. |
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