posted
HOUSTON--(BUSINESS WIRE)--April 11, 2005--Eagle Broadband, Inc. (AMEX:EAG - News), a leading provider of broadband, Internet protocol (IP) and communications technology and services, announced today that the company has filed its Form 10-Q with the Securities and Exchange Commission reporting operating results for the company's second quarter 2005 ended February 28, 2005.
Dave Weisman, Chairman and CEO of Eagle Broadband said, "In the second quarter, we achieved 70% sequential revenue growth of $2.7 million in the second quarter of 2005 compared to $1.5 million in the first quarter of fiscal 2005. In addition, we strengthened the company's balance sheet by closing an $8.2 million financing round which significantly increased the company's cash position. We also reduced current liabilities by $3.5 million, including a 65% reduction in notes payables to $1.9 million from $5.4 million in the first quarter."
The company posted a net loss of $9.3 million for the company's second quarter 2005, a slight improvement compared to the net loss of $9.4 million in the same period a year ago. The net loss was primarily attributable to $8.99 million of non-cash charges, increased operating expenses which included a $1.7 million in professional fees for costs associated with Sarbanes-Oxley 404 compliance, consulting and litigation, and negative gross margin.
Weisman continued, "As we continue to focus on growing our revenues, during the quarter we had three very significant new business developments. First, we signed an agreement with France Telecom subsidiary GlobeCast and launched our new IPTVComplete video service. The market response to this new video service has been outstanding and we have already signed our first customer, Home Town Cable. Based on the significant growth in the IPTV market and the demand we have been experiencing for IPTVComplete, we believe that this new service could become one of the largest revenue drivers for the company in the future. Second, our SatMAX satellite communications technology was selected by the U.S. Air Force for deployment at Scott Air Force Base, a major win for the company and a strong endorsement of the technology. We also completed shipment of the $1.7 million high definition set-top box order for a new luxury casino in Las Vegas providing us with a strong reference base in the lucrative casino market."
-------------------- The light of truth is blinding to most.
More comforting to look only at the shadows of falseness.
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checking out your eag have you entered yet. nice move on the anad I've had the flu last 8 days nasty son of a gun missed two stocks anad and covd at 1.05 dont want to miss anymore.
ANAD showing some life today, but I am only breaking even on it at this point - bought too soon at a highr price and then had to keep buying as it dropped, to average my cost down. Just glad I was able to recoup loss by buying more as it fell.
Have made some on COSN but am holding to sell at 2.49 or more.
[ April 13, 2005, 19:51: Message edited by: Art ]
-------------------- The light of truth is blinding to most.
More comforting to look only at the shadows of falseness.
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was that 200k buy you when I got mine there was another 200k that went through then you post that your in at .29 which is what I got in at hmmmmmm. Art the deep pockets
quote:Originally posted by Bob Frey: Gonna reload in here .19 and .20.
Yes. I didn't see your post when I started a new thread on EAG - I should have posted here intead of starting the new thread. I also think this is good here.
-------------------- The light of truth is blinding to most.
More comforting to look only at the shadows of falseness.
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