Wednesday, July 2, 2008 - 2:51 PM PDT Rim reports steep losses, has $1,600 in cash Portland Business Journal
Print Article Email Article Reprints RSS Feeds Add to Del.icio.us Digg This Rim Semiconductor Corp., which reported its largest order ever early in June, lost $6.6 million in the first half of its current fiscal year, and had $1,621 in cash at the end of April.
The company reported no revenue for the six-month period.
Rim (Pink Sheets: RSMI), based in Southeast Portland, has been developing technology to deliver high-speed broadband over regular copper wires that telecom companies have running into homes.
The company has been working on broadband technology for the past eight years, announcing technology partnerships with different companies and successful tests of its technology with small regional telecom companies.
At one point in early 2000, the company's stock reached a high of $31 per share.
This week, Rim's stock traded between seven-hundredths and nine-hundredths of a penny per share. The price has fallen steadily since June 4, when trading closed at half a penny per share.
On that day, Rim announced that it had received a $1 million order for its chips. The company also said in a filing with the Securities and Exchange Commission that it did not have the cash to produce and ship its chips, and that the ability to do so would depend on raising more cash.
Rim currently owes $5.3 million to various lenders who have given the company cash in exchange for shares and warrants. It also has $1.6 million worth of accounts payable and accrued expenses, and owes its chairman, Ray Willenberg Jr., $49,000 that Willenberg recently lent the company.
In January, Will Swope, vice president and general manager of Intel's corporate affairs group, joined Rim's board of directors. He received 2 million stock options at a strike price of 3.1 cents per share.
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