BreezeCOM Reports Record Fourth Quarter and Record Year-End Results for 2000.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 & CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 31, 2001 BreezeCOM Ltd.(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): $101M Yearly Revenues; 127% Growth over last year; $10M Net Income for Year 2000 versus Loss of $(3.6)M in 1999; EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.12 for Q4 2000 versus Loss of $(0.07) in Q4 1999 BreezeCOM Ltd. (NASDAQ: BRZE), a leading developer and manufacturer of broadband wireless See wireless broadband. access products, today announced results for the fourth quarter and the year 2000. The yearly results reflect 127% revenue growth, compared with 1999 revenues. Revenues for the fourth quarter which ended December 31, 2000 were $32.4 million, a 154% increase over $12.7 million reported in the fourth quarter of 1999, and a 12% increase over third quarter 2000 revenues of $29 million. Net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the fourth quarter 2000 was $1.3 million, compared with 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 $(629,000) in the same period of 1999. The Company reported net income for the fourth quarter 2000 of $3.9 million, or $0.12 per diluted share, compared with a net loss of $(765,000), or $(0.07) net loss per share, in the same period last year. Revenues for the year 2000 were $101 million, a 127 % increase over revenues of $44.8 million for the same period in 1999. Net operating income for the year 2000 was $3 million, compared to a net operating loss of $(2.6) million in 1999. Net income for the year 2000 was $10 million, or $0.33 per diluted share, compared with a net loss of $(3.6) million, or $(0.32) net loss per share, in the same period last year. In announcing the results, Zvi Slonimsky, 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 BreezeCOM, said, "Year 2000 was exceptional for BreezeCOM. We became profitable, more than doubled our revenues and demonstrated solid quarter over quarter growth. Furthermore, we exceeded all of our strategic targets. Our fourth quarter results reflect the continued high demand from service providers and private networks." "We are the global leader of the sub-11 GHz broadband wireless access market, which has received conclusive recognition as a vital element of the telecommunications industry. Thousands of subscribers are receiving data and telephony services using BreezeCOM's network solutions." "In the year 2000, we also made major inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ into the licensed 3.5GHz carrier market internationally and the unlicensed service provider market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ," Mr. Slonimsky added. "We substantially increased our penetration into Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Asia Pacific and believe this growth will position us for continued success in 2001. We introduced a variety of new products, including: BreezeACCESS 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. in the U.S., Canada and Latin America; BreezeACCESS II, a carrier-class line for unlicensed applications worldwide; additional product lines in the 3.5 GHz licensed band; and an enhanced DS.11 Outdoor Bridge for the enterprise market." Mr. Slonimsky will discuss the Company's earnings results and other news discussed herein in a group conference call Wednesday, January 31, 2001 at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . The call can be heard live as a webcast on www.streetevents.com and www.breezecom.com. A replay will also be available beginning 11:00 am. EST Am. abbr. 1. America 2. American Am. America(n) , January 31, 2001, through February 2, 2001 at 11:59 p.m., by dialing 1-888-266-2081 (Domestic), 1-703-925-2533 (International), Replay ID Code 4908026. About BreezeCOM BreezeCOM is the leading provider of Broadband Wireless Access (BWA (Broadband Wireless Access) High-speed wireless access. Typically refers to wireless last mile access to the Internet. See WiMAX and broadband. ) solutions used by service providers and enterprises. Its products provide a wireless alternative to wired access solutions, such as DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary and cable modems cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. , and facilitate indoor and outdoor, as well as fixed and mobile 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 connectivity. BreezeCOM products are based on a 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. point-to-multipoint wireless platform, optimized for high-speed Internet See broadband. and intranet access. Core technologies include spread spectrum radio, 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). , modems, networking protocols and VLSI VLSI: see integrated circuit. (1) (Very Large Scale Integration) Between 100,000 and one million transistors on a chip. See SSI, MSI, LSI and ULSI. (2) (VLSI Technology, Inc., Tempe, AZ, www.semiconductors. . For further information, visit www.breezecom.com. 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. BreezeACCESS is a trademark of BreezeCOM. All other names are the property of their respective owners.
BREEZECOM LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31, December 31,
2000 1999
-------------- ---------------
(Audited) (Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 6,580 $ 4,795
Marketable securities 118,706 6,143
Short-term deposits 0 4,059
Trade receivables 19,129 7,035
Other accounts receivable
and prepaid expenses 8,411 2,580
Inventory 44,254 8,685
--------------- --------------
Total current assets 197,080 33,297
Long term Investments 48,301 -
Severance pay fund 1,334 725
--------------- ---------------
PROPERTY AND EQUIPMENT, NET 6,122 2,598
--------------- ---------------
Total assets $ 252,837 $ 36,620
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade payables $ 21,395 $ 6,458
Other accounts payable
and accrued expenses 15,892 4,421
--------------- ----------------
Total current liabilities 37,287 10,879
--------------- ----------------
ACCRUED SEVERANCE PAY 3,055 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; - 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; - 2
Ordinary shares of NIS 0.01 par value:
Authorized: 85,080,000 shares
as of December 31, 2000 and
December 31, 1999; Issued and
outstanding: 28,130,320 shares as
of December 31, 2000 and
11,720,872 as of
December 31, 1999 78 38
Additional paid-in capital 217,984 39,472
Deferred compensation - (18)
Accumulated deficit (5,567) (15,601)
--------------- ------------------
Total shareholders'
equity 212,495 23,899
--------------- ------------------
Total liabilities
and shareholders' equity $ 252,837 $ 36,620
=============== ==================
BREEZECOM LTD.
U.S. dollars in thousands (except per share data)
Three Months Ended Year ended
December 31, December 31,
1999 2000 1999 2000
-------------------------- ------------------------
(Unaudited) (Unaudited) (Audited) (Audited)
Sales $ 12,720 $ 32,352 $ 44,752 $ 101,460
Cost of sales 6,640 18,378 23,528 55,608
--------------------------- ------------------------
Gross profit 6,080 13,974 21,224 45,852
--------------------------- ------------------------
Operating expenses:
Research and
development, net 1,871 3,762 6,880 12,473
Selling and
marketing, net 4,189 7,747 14,692 26,226
General and
administrative 649 1,156 2,289 4,150
--------------------------- -----------------------
Total operating
expenses 6,709 12,665 23,861 42,849
--------------------------- -----------------------
Operating
Income (loss) (629) 1,309 (2,637) 3,003
Financial income
(expenses), net (136) 2,636 (527) 7,031
Other expenses - - (470) -
--------------------------- ------------------------
Net Income (loss)
for the period $ (765) $ 3,945 $ (3,634) $ 10,034
=========================== ========================
Basic Earning
(loss) per share $ (0.07) $ 0.14 $ (0.32) $ 0.40
=========================== =======================
Weighted average
number of shares
used in computing
basic earnings
(loss) per share 11,308 27,930 11,232 24,938
=========================== =======================
Diluted Earnings
per share - $ 0.12 - $ 0.33
=========================== =======================
Weighted average
number of shares
used in computing
diluted earnings
per share - 33,336 - 30,599
=========================== =======================
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