Terabeam, Inc. (NASDAQ:TRBM), a global pioneer and leading
developer and supplier of Mesh, WiMAX, Wi-Fi and Millimeter Wave
wireless products and�solutions, today announced its financial
results for the third quarter ended September 30, 2006. Revenue for
the quarter ended September 30, 2006 was $17.9 million, a decrease
of approximately 14% from the revenue of $20.8 million for the
quarter ended June 30, 2006 and a decrease of approximately 1% from
the revenue of $18.1 million for the quarter ended September 30,
2005. Revenue for the nine months ended September 30, 2006 was
$57.1 million, an increase of approximately 79% from the revenue of
$31.9 million for the nine months ended September 30, 2005. The
significant increase in revenue over the prior year�s comparable
period resulted primarily from our acquisition of the operations of
Proxim Corporation in the third quarter of 2005. Due to it being a
cash acquisition, there was no equity dilution due to the
acquisition. The net loss for the quarter ended September 30, 2006
was $13.7 million ($0.63 per share-diluted) compared to net loss of
$3.0 million ($0.14 per share-diluted) for the quarter ended June
30, 2006 and net loss of $10.0 million ($0.47 per share-diluted)
for the quarter ended September 30, 2005. The third quarter 2006
net loss included non-cash charges totaling approximately $10.4
million (approximately $0.48 per share-diluted), consisting of an
inventory reserve of approximately $1.5 million and an impairment
charge related to intangible assets of approximately $8.9 million.
The third quarter 2005 net loss included $7.8 million of
restructuring provisions and charges (approximately $0.36 per
share-diluted) as a result of our purchase of the operations of
Proxim Corporation. Robert Fitzgerald, Terabeam�s Chief Executive
Officer, stated, �We are seeing customer uptake of our WiMAX and
Wi-Fi Mesh products. Although both of these products are
experiencing significant year over year percentage growth for us,
we must strive to make them significant contributors in terms of
overall revenue to realize our growth strategy. We have seen the
intended benefits of the cost reduction plan that we implemented in
the second quarter.� Conference Call Information Terabeam will host
a conference call to discuss this release, financial results,
developments at the company, and other matters of interest to
investors and others today, November 13, 2006 starting at 5:00 p.m.
Eastern Time. The discussion may include forward-looking
information. To participate in this conference call, please dial
800-474-8920 (or 719-457-2727 for international callers),
confirmation code 8883545 for all callers, at least ten minutes
before start time. The conference call will also be broadcast live
over the Internet. Investors and others are invited to visit
Terabeam�s website at http://www.terabeam.com to access this
broadcast. Replays will be available telephonically for
approximately one week by dialing 888-203-1112 for domestic callers
and 719-457-0820 for international callers, confirmation code
8883545 for all callers, and over the Internet for approximately 90
days at Terabeam�s website at http://www.terabeam.com. About
Terabeam Terabeam, Inc. has two primary subsidiaries Proxim
Wireless Corporation and Ricochet Networks, Inc. Proxim Wireless
Corporation is a global leader in providing mesh, WiMAX, Wi-Fi, and
other broadband wireless solutions to meet the performance,
scalability, and security requirements of enterprises, government,
and service providers. Ricochet Networks, Inc. is a leading
portable Wireless Internet Service Provider (WISP) with operational
markets in Denver, Colorado and San Diego, California. Additional
information about the company can be found at the company's website
located at http://www.terabeam.com or by contacting the company by
telephone at 413-584-1425 or by email at IR@terabeam.com. Safe
Harbor Statement Statements in this press release that are not
statements of historical facts are forward-looking statements that
involve risks, uncertainties, and assumptions. Terabeam�s actual
results may differ materially from the results anticipated in these
forward-looking statements. The forward-looking statements involve
risks and uncertainties that could contribute to such differences
including those relating to and arising from the ongoing
uncertainty in the telecommunications industry and larger economy;
the intense competition in our industries and resulting impacts on
our pricing, gross margins, and general financial performance; time
and costs associated with developing and launching new products;
uncertainty about market acceptance of products we introduce;
potential long sales cycles for new products such that there may be
extended periods of time before new products contribute positively
to our financial results; time, costs, political considerations,
typical multitude of constituencies, and other factors involved in
evaluating, equipping, installing, and operating municipal
networks; difficulties or delays in developing and supplying new
products with the contemplated or desired features, performance,
compliances, certifications, cost, price, and other characteristics
and at the times and in the quantities contemplated or desired; the
difficulties in predicting Terabeam�s future financial performance;
adverse impacts from Terabeam�s acquisition of Proxim Corporation�s
operations, assets, and relationships; and the impacts and effects
of any other strategic transactions Terabeam may evaluate or
consummate. Further information on these and other factors that
could affect Terabeam�s actual results is and will be included in
filings made by Terabeam from time to time with the Securities and
Exchange Commission and in its other public statements. TERABEAM,
INC. CONSOLIDATED BALANCE SHEETS (in thousands) � September 30,
December 31, 2006� 2005� Assets (unaudited) Current assets: Cash
and cash equivalents $12,387� $14,133� Investment securities �
available-for-sale 166� 260� Accounts receivable, net 5,214� 8,378�
Inventory 9,809� 10,070� Prepaid expenses 1,715� 1,045� Total
current assets 29,291� 33,886� � Property and equipment, net 3,031�
3,924� Other Assets: Restricted cash 76� 5,076� Goodwill 7,922�
7,380� Intangible assets, net 12,078� 23,817� Deposits and prepaid
expenses 263� 675� Total other assets 20,339� 36,948� Total assets
$52,661� $74,758� Liabilities and Stockholders� Equity Current
liabilities: Accounts payable and accrued expenses $14,006�
$15,600� Deferred revenue 2,938� 2,503� License agreement payable -
current maturities 858� 981� Total current liabilities 17,802�
19,084� License agreement payable, net of current maturities 2,309�
2,956� Total liabilities 20,111� 22,040� Commitments and
contingencies Stockholders� Equity Preferred stock, $0.01 par
value; authorized 4,500,000, none issued at September 30, 2006 and
December 31, 2005 -� -� Common stock, $0.01 par value, 100,000,000
shares authorized, 21,540,865 issued and outstanding at September
30, 2006, and 21,446,217 issued and outstanding at December 31,
2005 215� 214� Additional paid-in capital 57,696� 56,638� Retained
earnings (accumulated deficit) (25,254) (4,122) Treasury stock -�
-� Accumulated other comprehensive income: Net unrealized gain
(loss) on available-for-sale securities (107) (12) Total
stockholders� equity 32,550� 52,718� Total liabilities and
stockholders� equity $52,661� $74,758� TERABEAM, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data)
(unaudited) � � For the Three Months Ended For the Nine Months
Ended September 30, September 30, 2006� 2005� 2006� 2005� Revenues
$17,876� $18,147� $57,162� $31,909� Cost of goods sold 9,805�
10,503� 32,762� 17,509� Restructuring provision for excess and
obsolete inventory 1,502� 2,143� 1,502� 2,143� Gross profit 6,569�
5,501� 22,898� 12,257� Operating expenses: Selling costs 5,123�
3,800� 13,419� 5,831� Restructuring charges -� 944� 116� 944�
Restructuring charge for impairment of intangible assets 8,874�
4,664� 8,874� 4,664� General and administrative 3,457� 3,342�
10,812� 8,627� Research and development 2,823� 2,788� 11,471�
4,438� Total operating expenses 20,277� 15,538� 44,692� 24,504�
Operating income (loss) (13,708) (10,037) (21,794) (12,247) Other
income (expenses): Interest income 101� 122� 303� 612� Interest
expense (50) (4) (151) (140) Other income (loss) 9� 10� 552� (106)
Total other income (expenses) 60� 128� 704� 366� Income (loss)
before income taxes (13,648) (9,909) (21,090) (11,881) Benefit
(provision) for income taxes (16) (3) (42) 11� Income (loss) before
minority interest (13,664) (9,912) (21,132) (11,870) Minority
interest in net income of Merry Fields 0� (101) 0� (101) Net income
(loss) ($13,664) ($10,013) ($21,132) ($11,971) � Weighted average
shares - basic and diluted 21,541� 21,163� 21,515� 21,932� EPS,
basic and diluted ($0.63) ($0.47) ($0.98) ($0.55) Terabeam, Inc.
(NASDAQ:TRBM), a global pioneer and leading developer and supplier
of Mesh, WiMAX, Wi-Fi and Millimeter Wave wireless products and
solutions, today announced its financial results for the third
quarter ended September 30, 2006. Revenue for the quarter ended
September 30, 2006 was $17.9 million, a decrease of approximately
14% from the revenue of $20.8 million for the quarter ended June
30, 2006 and a decrease of approximately 1% from the revenue of
$18.1 million for the quarter ended September 30, 2005. Revenue for
the nine months ended September 30, 2006 was $57.1 million, an
increase of approximately 79% from the revenue of $31.9 million for
the nine months ended September 30, 2005. The significant increase
in revenue over the prior year's comparable period resulted
primarily from our acquisition of the operations of Proxim
Corporation in the third quarter of 2005. Due to it being a cash
acquisition, there was no equity dilution due to the acquisition.
The net loss for the quarter ended September 30, 2006 was $13.7
million ($0.63 per share-diluted) compared to net loss of $3.0
million ($0.14 per share-diluted) for the quarter ended June 30,
2006 and net loss of $10.0 million ($0.47 per share-diluted) for
the quarter ended September 30, 2005. The third quarter 2006 net
loss included non-cash charges totaling approximately $10.4 million
(approximately $0.48 per share-diluted), consisting of an inventory
reserve of approximately $1.5 million and an impairment charge
related to intangible assets of approximately $8.9 million. The
third quarter 2005 net loss included $7.8 million of restructuring
provisions and charges (approximately $0.36 per share-diluted) as a
result of our purchase of the operations of Proxim Corporation.
Robert Fitzgerald, Terabeam's Chief Executive Officer, stated, "We
are seeing customer uptake of our WiMAX and Wi-Fi Mesh products.
Although both of these products are experiencing significant year
over year percentage growth for us, we must strive to make them
significant contributors in terms of overall revenue to realize our
growth strategy. We have seen the intended benefits of the cost
reduction plan that we implemented in the second quarter."
Conference Call Information Terabeam will host a conference call to
discuss this release, financial results, developments at the
company, and other matters of interest to investors and others
today, November 13, 2006 starting at 5:00 p.m. Eastern Time. The
discussion may include forward-looking information. To participate
in this conference call, please dial 800-474-8920 (or 719-457-2727
for international callers), confirmation code 8883545 for all
callers, at least ten minutes before start time. The conference
call will also be broadcast live over the Internet. Investors and
others are invited to visit Terabeam's website at
http://www.terabeam.com to access this broadcast. Replays will be
available telephonically for approximately one week by dialing
888-203-1112 for domestic callers and 719-457-0820 for
international callers, confirmation code 8883545 for all callers,
and over the Internet for approximately 90 days at Terabeam's
website at http://www.terabeam.com. About Terabeam Terabeam, Inc.
has two primary subsidiaries Proxim Wireless Corporation and
Ricochet Networks, Inc. Proxim Wireless Corporation is a global
leader in providing mesh, WiMAX, Wi-Fi, and other broadband
wireless solutions to meet the performance, scalability, and
security requirements of enterprises, government, and service
providers. Ricochet Networks, Inc. is a leading portable Wireless
Internet Service Provider (WISP) with operational markets in
Denver, Colorado and San Diego, California. Additional information
about the company can be found at the company's website located at
http://www.terabeam.com or by contacting the company by telephone
at 413-584-1425 or by email at IR@terabeam.com. Safe Harbor
Statement Statements in this press release that are not statements
of historical facts are forward-looking statements that involve
risks, uncertainties, and assumptions. Terabeam's actual results
may differ materially from the results anticipated in these
forward-looking statements. The forward-looking statements involve
risks and uncertainties that could contribute to such differences
including those relating to and arising from the ongoing
uncertainty in the telecommunications industry and larger economy;
the intense competition in our industries and resulting impacts on
our pricing, gross margins, and general financial performance; time
and costs associated with developing and launching new products;
uncertainty about market acceptance of products we introduce;
potential long sales cycles for new products such that there may be
extended periods of time before new products contribute positively
to our financial results; time, costs, political considerations,
typical multitude of constituencies, and other factors involved in
evaluating, equipping, installing, and operating municipal
networks; difficulties or delays in developing and supplying new
products with the contemplated or desired features, performance,
compliances, certifications, cost, price, and other characteristics
and at the times and in the quantities contemplated or desired; the
difficulties in predicting Terabeam's future financial performance;
adverse impacts from Terabeam's acquisition of Proxim Corporation's
operations, assets, and relationships; and the impacts and effects
of any other strategic transactions Terabeam may evaluate or
consummate. Further information on these and other factors that
could affect Terabeam's actual results is and will be included in
filings made by Terabeam from time to time with the Securities and
Exchange Commission and in its other public statements. -0- *T
TERABEAM, INC. CONSOLIDATED BALANCE SHEETS (in thousands) September
December 30, 31, 2006 2005 ----------- -------- Assets (unaudited)
Current assets: Cash and cash equivalents $12,387 $14,133
Investment securities - available-for-sale 166 260 Accounts
receivable, net 5,214 8,378 Inventory 9,809 10,070 Prepaid expenses
1,715 1,045 ----------- -------- Total current assets 29,291 33,886
Property and equipment, net 3,031 3,924 Other Assets: Restricted
cash 76 5,076 Goodwill 7,922 7,380 Intangible assets, net 12,078
23,817 Deposits and prepaid expenses 263 675 ----------- --------
Total other assets 20,339 36,948 ----------- -------- Total assets
$52,661 $74,758 =========== ======== Liabilities and Stockholders'
Equity Current liabilities: Accounts payable and accrued expenses
$14,006 $15,600 Deferred revenue 2,938 2,503 License agreement
payable - current maturities 858 981 ----------- -------- Total
current liabilities 17,802 19,084 License agreement payable, net of
current maturities 2,309 2,956 ----------- -------- Total
liabilities 20,111 22,040 Commitments and contingencies
Stockholders' Equity Preferred stock, $0.01 par value; authorized
4,500,000, none issued at September 30, 2006 and December 31, 2005
- - Common stock, $0.01 par value, 100,000,000 shares authorized,
21,540,865 issued and outstanding at September 30, 2006, and
21,446,217 issued and outstanding at December 31, 2005 215 214
Additional paid-in capital 57,696 56,638 Retained earnings
(accumulated deficit) (25,254) (4,122) Treasury stock - -
Accumulated other comprehensive income: Net unrealized gain (loss)
on available-for-sale securities (107) (12) ----------- --------
Total stockholders' equity 32,550 52,718 ----------- -------- Total
liabilities and stockholders' equity $52,661 $74,758 ===========
======== *T -0- *T TERABEAM, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) (unaudited) For
the Three For the Nine Months Months Ended Ended September 30,
September 30, ------------------- ------------------- 2006 2005
2006 2005 --------- --------- --------- --------- Revenues $17,876
$18,147 $57,162 $31,909 Cost of goods sold 9,805 10,503 32,762
17,509 Restructuring provision for excess and obsolete inventory
1,502 2,143 1,502 2,143 --------- --------- --------- ---------
Gross profit 6,569 5,501 22,898 12,257 Operating expenses: Selling
costs 5,123 3,800 13,419 5,831 Restructuring charges - 944 116 944
Restructuring charge for impairment of intangible assets 8,874
4,664 8,874 4,664 General and administrative 3,457 3,342 10,812
8,627 Research and development 2,823 2,788 11,471 4,438 ---------
--------- --------- --------- Total operating expenses 20,277
15,538 44,692 24,504 --------- --------- --------- ---------
Operating income (loss) (13,708) (10,037) (21,794) (12,247) Other
income (expenses): Interest income 101 122 303 612 Interest expense
(50) (4) (151) (140) Other income (loss) 9 10 552 (106) ---------
--------- --------- --------- Total other income (expenses) 60 128
704 366 --------- --------- --------- --------- Income (loss)
before income taxes (13,648) (9,909) (21,090) (11,881) Benefit
(provision) for income taxes (16) (3) (42) 11 --------- ---------
--------- --------- Income (loss) before minority interest (13,664)
(9,912) (21,132) (11,870) Minority interest in net income of Merry
Fields 0 (101) 0 (101) --------- --------- --------- --------- Net
income (loss) ($13,664) ($10,013) ($21,132) ($11,971) =========
========= ========= ========= Weighted average shares - basic and
diluted 21,541 21,163 21,515 21,932 --------- --------- ---------
--------- EPS, basic and diluted ($0.63) ($0.47) ($0.98) ($0.55)
========= ========= ========= ========= *T
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