MELBOURNE, Fla.-AirNet Communications Corp. reported financial results for the fourth quarter and the year ended Dec. 31, 1999.
For the year, the company reported net sales of $17.8 million, up from $4.5 million in 1998. Net operating losses were down for the year from $18.9 million, or a loss of $2.11 per share, in 1998, to $17.2 million, or a loss of $1.13 per share, in 1999.
For the quarter, net sales were up from $2 million in 1998 to $6.7 million in the fourth quarter of 1999. With the increased sales, net operating losses fell slightly from $6.5 million, or a loss of 49 cents per share, in the fourth quarter of 1998, to $5.8 million, or a loss of 29 cents per share, last year.
“Late in the fourth quarter, we began to accelerate the investment in our operations, particularly in the area of research and development,” noted Lee Hamilton, president and chief executive officer of AirNet. “As a result, our operating expenses for the quarter were higher than we originally anticipated.”
