nice wavc report
http://biz.yahoo.com/bw/031030/305740_1.html
lost less than a penny....
nice revenue growth.
Press Release Source: WaveRider Communications Inc.
WaveRider Communications Inc. Continues Strong Revenue Growth With Q3 2003 Revenues of U.S. $3.5M
Thursday October 30, 4:02 pm ET
Company's 2003 year-to-date revenues increase 61% over same period in 2002; Customers' wireless network expansions drive significant increase in modem shipments
TORONTO--(BUSINESS WIRE)--Oct. 30, 2003-- All figures reported in $U.S.
WaveRider Communications Inc. (OTC BB: WAVC), the leader in non-line-of-sight wireless broadband technology and deployments, today reported revenues of (U.S.) $3.53 million for the third quarter of 2003, an increase of 12 percent over the previous quarter and 66 percent over Q3 2002 results of $2.12 million. Year-to-date revenues for 2003 equal $9.85 million, an increase of 61 per cent over the same period in 2002.
At September 30, 2003, WaveRider had $3,574,574 in cash compared to $880,255 at June 30, 2003, as a result of the acquisition of Avendo, the debenture financing and the company's cash management. The loss for the quarter totaled $961,589, or $0.007 per share compared to a loss of $6,037,909, or $0.053 per share in Q3 2002. The loss for the three months ended September 30, 2003 includes non-cash financing charges of $385,226.
"WaveRider's revenue growth this quarter was driven by our focus on increasing sales through our channel partners and by working closely with many of our largest customers to help them move forward with their deployment plans," said Bruce Sinclair, president and chief executive officer, WaveRider Communications Inc. "We believe that our recent price reductions for volume purchases are helping to fuel customer growth."
"WaveRider is also increasing its focus on developing new technologies that will help the company maintain its leadership position in the non-line-of-sight wireless broadband industry," added Sinclair.
In addition to strong revenues, WaveRider has achieved the following corporate milestones:
Shipments of WaveRider's end-user modems (EUMs) in Q3 increased by 60% over EUM shipments in the previous quarter
WaveRider's growth was recognized by Deloitte & Touche in its annual Technology Fast 50 and Fast 500 lists, ranking seventh in Canada and 105th in North America
Acquisition and integration of Avendo Wireless Inc. has provided WaveRider with advanced wireless technologies, expanding its research and development team and bringing $1.3 million of net assets, including over $1.1 million in cash
$1.4 million in net cash from the sale of convertible debentures which will help to support WaveRider's revenue growth and new product development activities
Improvements in product margins have enabled WaveRider to introduce price reductions for volume purchases and introduce product promotions
Launch and growth of WaveRider's North American distribution program with Alliance Corporation, which has expanded the company's sales capabilities and complemented its direct sales approach
"Over the last six months, WaveRider has strengthened its financial position, continued to invest in new technologies and expanded its sales capabilities," added Sinclair. "We believe these accomplishments will be key to achieving WaveRider's long-term objectives."
WaveRider Communications Inc.
CONSOLIDATED BALANCE SHEETS
(in U.S. dollars)
September 30, December 31,
2003 2002
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,574,574 $ 1,025,604
Accounts receivable, less
allowance for doubtful
accounts 1,695,633 1,395,970
Inventories 839,757 983,573
Note receivable 19,800 32,761
Prepaid expenses and other
assets 145,985 75,362
--------------------------------------------------------------------
Current assets 6,275,749 3,513,270
Property, plant and equipment,
net 518,213 885,475
Goodwill 2,755,446 -
--------------------------------------------------------------------
$ 9,549,408 $ 4,398,745
--------------------------------------------------------------------
--------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 2,923,716 $ 2,461,793
Deferred revenue 386,736 259,235
Current portion of obligations
under capital lease 16,296 12,094
--------------------------------------------------------------------
Current liabilities 3,326,748 2,733,122
Convertible debentures 854,463 -
Obligations under capital
lease 11,989 6,004
--------------------------------------------------------------------
Total liabilities 4,193,200 2,739,126
--------------------------------------------------------------------
Shareholders' equity:
Preferred Stock, $0.01 par
value per share:
issued and outstanding 5,800
at September 30, 2003 and
16,700 shares
at December 31, 2002 58 167
Common Stock, $0.001 par value
per share:
issued and outstanding -
140,337,611 shares at
September 30, 2003
116,755,119 shares at December
31, 2002 140,338 116,755
Additional paid-in capital 76,443,660 72,397,489
Other equity 13,588,346 12,621,831
Deferred compensation (15,519) (173,260)
Accumulated other
comprehensive loss (260,829) (102,371)
Accumulated deficit (84,539,846)(83,200,992)
--------------------------------------------------------------------
Total shareholders' equity 5,356,208 1,659,619
--------------------------------------------------------------------
$ 9,549,408 $ 4,398,745
--------------------------------------------------------------------
--------------------------------------------------------------------
WaveRider Communications Inc.
CONSOLIDATED STATEMENTS OF LOSS, DEFICIT AND COMPREHENSIVE LOSS
(in U.S. dollars)
Three Months ended Nine Months ended
September 30 September 30 September 30 September 30
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
--------------------------------------------------------------------
CONSOLIDATED
STATEMENT OF LOSS
REVENUE
Product sales $ 3,169,644 $ 1,868,749 $ 8,729,256 $ 4,748,948
Service sales 364,420 255,661 1,119,323 1,333,317
--------------------------------------------------------------------
3,534,064 2,124,410 9,848,579 6,082,265
--------------------------------------------------------------------
COST OF PRODUCT AND
INTERNET SALES
Product sales 2,041,844 1,755,417 5,598,285 4,432,765
Service sales 170,002 66,137 388,306 225,774
--------------------------------------------------------------------
2,211,846 1,821,554 5,986,591 4,658,539
--------------------------------------------------------------------
GROSS MARGIN 1,322,218 302,856 3,861,988 1,423,726
--------------------------------------------------------------------
EXPENSES
Selling, general and
administration 1,280,337 1,480,272 3,519,412 4,947,752
Employee stock based
compensation 46,557 12,000 143,741 172,500
Research and
development 450,870 497,753 883,465 1,313,518
Depreciation and
amortization 119,173 273,736 384,573 826,828
Bad debt expense 1,256 8,127 1,256 37,622
Foreign exchange
loss/(gain) (12,155) (36,634) (163,352) 60,622
Write down of
goodwill - 4,069,696 - 4,069,696
Interest expense 403,721 42,902 441,374 402,131
Interest income (5,952) (7,087) (9,627) (21,582)
--------------------------------------------------------------------
2,283,807 6,340,765 5,200,842 11,809,087
--------------------------------------------------------------------
NET LOSS $ (961,589)$ (6,037,909)$ (1,338,854)$(10,385,361)
--------------------------------------------------------------------
--------------------------------------------------------------------
BASIC AND FULLY
DILUTED LOSS PER
SHARE $ (0.007) $ (0.053) $ (0.011) $ (0.102)
--------------------------------------------------------------------
--------------------------------------------------------------------
Weighted Average
Number of Common
Shares 138,813,670 114,790,464 126,984,735 101,554,237
--------------------------------------------------------------------
--------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF DEFICIT
OPENING
DEFICIT $ (83,578,257)$ (76,298,742)$(83,200,992)$(71,951,290)
NET LOSS FOR THE
PERIOD (961,589) (6,037,909) (1,338,854) (10,385,361)
--------------------------------------------------------------------
CLOSING
DEFICIT $ (84,539,846)$ (82,336,651)$(84,539,846)$(82,336,651)
--------------------------------------------------------------------
--------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET LOSS FOR THE
PERIOD $ (961,589) $ (6,037,909) $(1,338,854)$(10,385,361)
OTHER COMPREHENSIVE
INCOME/(LOSS)
Cumulative
translation
adjustment (17,304) (20,658) (158,458) 33,495
--------------------------------------------------------------------
COMPREHENSIVE
LOSS $ (978,893) $ (6,058,567) $(1,497,312)$(10,351,866)
About WaveRider Communications Inc.
WaveRider Communications Inc. (www.waverider.com) is the world leader in non-line-of-sight (NLOS) broadband wireless products for license-exempt spectrum. WaveRider's NLOS products have been deployed by wireless Internet service providers, municipal governments, utility companies, telecommunications providers, and other network operators to deliver high-speed communications services to subscribers. The company continues to develop and market industry-leading technologies for the broadband wireless market. WaveRider is traded on the OTC Bulletin Board, under the symbol WAVC.
Except for the historical statements made herein, this release contains forward-looking statements that involve risks and uncertainties including the risks associated with the effect of changing economic conditions, trends in the development of the Internet as a commercial medium, market acceptance risks, realizing expected revenue, technological development risks, and seasonality. Risk factors also include the company's ability to secure additional financing; the company's ability to commercialize its products; the company's ability to compete successfully in the future against existing or new competitors; the company's ability to protect its intellectual property and the assurance that the rights granted under patents or copyrights that may be issued will provide sufficient protection to its intellectual property rights; the company's success in enhancing existing products and developing new products to keep up with the technological advances in the data communications industry; the continued availability of the license-exempt spectrum which is based on regulation by U.S. and foreign governments; the company's ability to avoid significant product liability exposure; the company's dependence on a limited number of third party manufacturers; the company's ability to execute its business plan and generate an overall profit and other risk factors detailed in the Company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K as amended. Due to these factors, actual results could differ materially from those expressed in forward-looking statements by the company.
--------------------------------------------------------------------------------
Contact:
WaveRider Corporate Communications
Carolyn Anderson, 416-502-2978
or
WaveRider Investor Relations, 416-502-3265
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