WESTBOROUGH, Mass.-Wireless messaging carrier Arch Wireless Inc. today released its second quarter earnings, showing revenues and one-way paging subscriber losses in line with the company’s revised expectations.
The company also reported a staggering second quarter loss of $1.1 billion, $976 million of which is a writedown of the carrying value of Arch’s one-way paging equipment, computer equipment and intangible assets. The writedown is due to “estimated discounted future cash flows,” the company said. Arch’s net loss in the same quarter a year ago was $20 million.
The company’s gross revenues for the second quarter, ended June 30, were $303 million and its earnings before interest, taxes, depreciation and amortization were $78.3 million.
Arch’s stock rose 90 percent in trading the day of the news on the over-the-counter bulletin board electronic trading system, from about 3 cents per share to 5 cents.
In other Arch news, the company announced it introduced a new wireless e-mail file attachment product based on technology from Onset Technology. The product allows users to access a variety of types of e-mail attachments, including Microsoft Office files.
