Somera Communications, Inc.'s 2005 Annual Report Contains Going Concern Explanatory Paragraph
06 Aprile 2006 - 11:05PM
PR Newswire (US)
DALLAS, April 6 /PRNewswire-FirstCall/ -- Somera Communications,
Inc. (NASDAQ:SMRA) today announced that the Company's independent
registered public accounting firm included an explanatory paragraph
in its audit report included in the Company's Annual Report on Form
10-K for the year ended December 31, 2005, relating to the
Company's ability to continue as a going concern. As of December
31, 2005, Somera had $6.5 million in cash and cash equivalents,
$11.2 million in short-term investments, and no long-term debt. The
Company believes that cash and cash equivalents, proceeds from
short-term investments and anticipated cash flow from operations
will be sufficient to fund the Company's working capital and
capital expenditure requirements for at least the next 12 months.
However, the Company has incurred losses from operations and
negative cash flows over the last three years and cannot provide
assurance that actual cash requirements will not be greater than
what the Company currently expects. Somera announced earlier this
year a series of operational rebalancing actions including the
elimination of 70-80 positions, consolidation of facilities and
reduction of other overhead costs. The goal of the Company's
rebalancing effort is to reduce costs so that the Company achieves
quarterly break-even at revenue levels of $16-$18 million per
quarter. While the Company believes it has made substantial
progress toward implementing this plan, there can be no assurance
that the cost reduction targets or revenue levels will be achieved,
which could result in the Company incurring continued operating
losses, and consumption of working capital and cash and short-term
investment balances. The Company will release its 2006 first
quarter financial statements coincident with the filing of the
first quarter Form 10-Q, at which time the Company will provide
additional information on its progress. About Somera Somera
Communications is a telecom asset management firm that assists
service providers in generating greater value from their network
assets in the form of lower operating costs, longer product life,
higher productivity, and real measurable savings. Somera provides
immediate availability of quality, warranted new and refurbished
equipment at savings of 25% to 60%. Extending these benefits is
Somera RecoveryPLUS, which deploys knowledgeable personnel, proven
processes and proprietary software to each client location to
provide professional discovery, valuation and asset cataloging,
thereby enhancing ongoing network efficiency while improving the
accuracy and quality of reports required of today's regulatory
environment. In addition, Somera offers outsourced network
operations, logistics, and technical service, as well as
comprehensive repair services for wireless, wireline, and data
products -- all at significant savings and reduced cycle times.
Founded in 1995, Somera has developed an impressive base of over
1,100 customers worldwide, including the industry leaders from each
segment of the telecommunications market. Visit Somera on the web
at http://www.somera.com/. This news release contains
forward-looking statements as that term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Somera's operating and
financial results are subject to risks and uncertainties,
including, but not limited to, general economic conditions
particularly affecting the telecommunications industry; capital
equipment spending levels in the telecommunications industry,
including the risk of continued customer spending delays associated
with carrier consolidation; the impact of competition in the market
for supplying equipment and equipment lifecycle management services
to telecommunications operators; the risk of potential shortage of
product supply; and Somera's ability to build its lifecycle
management services capabilities; approval of the reverse stock
split proposal to be submitted to the company's stockholders;
establishment and maintenance of a common stock per share price
that will permit the Company to maintain the eligibility of its
common stock for quotation on the Nasdaq National Market; the
ability to raise additional capital on favorable terms for the
Company; and other factors fully described in the company's reports
to the Securities and Exchange Commission, including but not
limited to, the Annual Report on Form 10-K for the fiscal year
ended December, 31, 2005, and its Quarterly Reports on Form 10-Q.
The company does not undertake to update any forward-looking
statements that may be made by or on behalf of the company. Copies
of Somera's Securities and Exchange Commission filings may be
obtained by contacting Financial Relations Board at 310-854-8317 or
by visiting the Investor section of Somera's web site at
http://www.somera.com/. Contact: Tony Rossi Investor Relations for
Somera Communications Financial Relations Board 310-854-8317
DATASOURCE: Somera Communications, Inc. CONTACT: Tony Rossi,
Investor Relations of Financial Relations Board, +1-310-854-8317,
for Somera Communications Web site: http://www.somera.com/
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