BreezeCOM Reports Record First Quarter Revenues; Revenues Increase 46%; ISP Sales Fuel Increases.Business Editors TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. and CARSLBAD, Calif.--(BUSINESS WIRE)--May 2, 2000 BreezeCOM (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 : BRZE) announced today record revenues for the first quarter ended March 31, 2000. Revenues for the quarter were $15.6 million, a 46 percent increase over revenues of $10.7 million reported in the first quarter of 1999, and a 22.6 percent increase over fourth quarter 1999 revenues of $12.7 million. The Company reported a net loss of $(256,000), or $(0.01) per share, compared with a net loss of $(765,000), or $(0.07) per share, in the fourth quarter of 1999 and with a net loss of $(804,000), or $(0.07) per share, for the first quarter ended March 31, 1999. In announcing the results, Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Rothenberg, founder and Chief Executive Officer of BreezeCOM, said, "We are pleased to report these excellent results in our first earnings release as a public company. We would also like to thank all those who participated in the offering. We are happy that value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: investors such as PSINet Ventures, a unit of PSINet (NASDAQ: PSIX PSIX Port State Information Exchange ), decided to participate, indicating an interest in 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 infrastructure companies. "The record revenue increase for the first quarter is attributable primarily to our ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. customers. Sales to ISPs represented almost 50% of our revenues. ISPs use our products in order to offer high speed wireless access to the Internet. Our revenue mix is now 80 percent outdoor point-to-multipoint A communications network that provides a path from one location to multiple locations (from one to many). fixed installations and 20 percent mobility driven wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area ." Mr. Rothenberg added, "During this quarter, we expanded our BreezeACCESS line with new products at 2.5-2.7 GHz for Multichannel Multipoint Distribution Services
Multichannel multipoint distribution service, also known as MMDS or Wireless Cable (MMDS (Multichannel Multipoint Distribution Service or Microwave Multipoint Distribution Service) A digital wireless transmission system that works in the 2.2-2.4 GHz range. ) and at 3.5GHz for ETSI (European Telecommunications Standards Institute, Sophia Antipolis technical park, Nice, France, www.etsi.org) A non-profit membership organization founded in 1988, dedicated to standardizing information and communication technologies (ICT) throughout Europe. compliant
Mr. Rothenberg concluded, "With our strong financial position, leading-edge technology and wide product offerings, we believe that BreezeCOM will consolidate its leadership position in the broadband wireless See wireless broadband. access market." About BreezeCOM: BreezeCOM is a leading developer and manufacturer of broadband wireless access products and wireless LANs, targeted to public operators, ISPs and private enterprises. BreezeCOM products employ point-to-multipoint wireless packet switching A network technology that breaks up a message into small packets for transmission. Unlike circuit switching, which requires the establishment of a dedicated point-to-point connection, each packet in a packet-switched network contains a destination address. technologies optimized for high-speed Internet See broadband. access, spread spectrum radios and 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 (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 ) modems. BreezeACCESS, is a trademark of BreezeCOM, Inc. All other trade names are the properties of their respective owners. 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. that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in demand for products, the timing and cancellation of orders and other risks detailed from time to time in BreezeCOM's filing with the Securities and Exchange Commission, including BreezeCOM's Form F-1. This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com.
BREEZECOM LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------------------------------
U.S. dollars in thousands (except per share amounts)
Three Months Ended
March 31, March 31,
---------------------
2000 1999
---- ----
(Unaudited) (Unaudited)
Sales $ 15,591 $ 10,688
Cost of sales 8,255 5,736
-------- --------
Gross profit 7,336 4,952
-------- --------
Operating expenses:
Research and development, net 2,257 1,600
Selling and marketing, net 4,670 3,221
General and administrative 823 591
-------- --------
Total operating expenses 7,750 5,412
-------- --------
Operating loss (414) (460)
Financial income (expenses), net 158 (344)
Other expenses - -
-------- --------
Net loss for the period (256) (804)
Accumulated deficit at the beginning of the
period (15,601) (11,967)
-------- --------
Accumulated deficit at the end of the period $ (15,857) $ (12,771)
========= ==========
Basic and diluted net loss per share $ (0.01) $ (0.07)
========= ==========
Weighted average number of shares used in
computing basic and diluted net loss per share 19,436 11,199
========= ==========
BREEZECOM LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
U.S. dollars in thousands
March 31, December 31,
2000 1999
---------- ------------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 73,475 $ 4,795
Short-term deposits 43,067 4,059
Marketable securities 6,099 6,143
Trade receivables 5,910 7,035
Other accounts receivable and prepaid
expenses 3,837 2,580
Inventory 14,865 8,685
--------- ---------
Total current assets 147,253 33,297
--------- ---------
Severance pay fund 883 725
--------- ---------
PROPERTY AND EQUIPMENT, NET 3,169 2,598
--------- ---------
Total assets $ 151,305 $ 36,620
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BREEZECOM LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
U.S. dollars in thousands
March 31, December 31,
2000 1999
--------- -----------
(Unaudited) (Audited)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $ 10,090 $ 6,458
Other accounts payable and accrued expenses 9,354 4,421
--------- ---------
Total current liabilities 19,444 10,879
--------- ---------
ACCRUED SEVERANCE PAY 2,159 1,842
--------- ---------
SHAREHOLDERS' EQUITY:
Share capital -
Preferred B Shares of NIS 0.01 par value:
Authorized 2,500,000 shares; Issued and
outstanding: 2,424,242 shares as of December
31,1999;aggregate liquidation preference of
$ 20,000 as of December 31,1999; 6
Preferred A Shares of NIS 0.01 par value:
Authorized 1,000,000 shares; Issued and
outstanding: 947,930 shares as of December
31,1999; aggregate liquidation preference
of $ 6,673 as of December 31,1999 2
Ordinary shares of NIS 0.01 par value:
Authorized: 81,580,000 shares as of
March 31,2000 and December 31, 1999;
Issued and outstanding: 25,240,824
shares as of March 31,2000 and
11,720,872 as of December 31, 1999 70 38
Additional paid-in capital 145,507 39,472
Deferred compensation (18) (18)
Accumulated deficit (15,857) (15,601)
--------- ---------
Total shareholders' equity 129,702 23,899
--------- ---------
Total liabilities and shareholders' equity $ 151,305 $ 36,620
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