CAMPBELL, Calif.—P-Com Inc. reported low fourth quarter and year-end results, citing reduced capital spending by customers.
Net sales for the fourth quarter 2001 were $7.4 million, drastically lower than the $63 million the company recorded for the same period in 2000 and $10.3 million for the previous quarter. Net loss was $17.9 million, or 21 cents per share, which is better than the net loss of $37.2 million, or 44 cents per share, recorded in the third quarter. The company recorded a net income of $225,000 for the year-ago period. Net sales for 2001 were down 55.6 percent to $104.1 million, compared with $234.4 million recorded for 2000.
P-Com’s chairman George Roberts said the company has made progress in implementing its restructuring program and expects to report positive cash flow by the end of the year.
“We are seeing positive signs in new equipment orders,” Roberts said. “In the services sector, we believe capital spending levels will pick up in the second quarter, resulting in increasing orders throughout the remainder of 2002.”
