SUNNYVALE, Calif.-Proxim Corp. released first-quarter 2004 financial results in line with preliminary results announced earlier this month.
Proxim reported revenue of $26.7 million, down from $40 million in the year-ago first quarter. Net loss was $17.5 million, or 14 cents per share, up from last year’s net loss of $10.8 million, or 9 cents per share. The company said it ended the quarter with $20.6 million in cash and cash equivalents, compared with $23 million at the end of the first quarter 2003.
The company blamed lower-than-expected carrier revenue due to carrier consolidation and delayed deployments, product transitions and declining revenue from its legacy LAN products, for the revenue shortfall. Proxim did, however, close on $12 million in order backlog due to orders made late in the quarter.
The company’s stock, which plummeted after its warning was issued earlier this month, was trading down slightly, at $1.38 per share, immediately following the release of the earnings late Tuesday.
