Gigabeam CEO: Current quarter “strong”
Gigabeam Corp. (Nasdaq: GGBM) CEO Louis Slaughter said the company’s current quarter has been “strong thus far” and blamed the company’s delayed regulatory filing on a management shuffle and the relocation of its headquarters to Durham, N.C., from Virginia. Slaughter made the comments during a midday conference call.
“I want to reassure you and other investors on this call that the new CFO, new president and I will do everything possible to ensure we do not repeat this late filing,” Slaughter said.
He said the company, which makes high-speed wireless network equipment, received an order from a “major university” on the east coast and received an order for four network links from a customer in the Los Angeles area. Gigabeam also views Africa as an emerging market, he said.
“I feel very positive going forward,” he said.
Before the opening bell, GigaBeam announced it plans to launch a new, lower-priced product offering which operates in the 24GHz frequency spectrum with 27Mbps capacity. The firm now has offerings from 27Mbps to 1,000Mbps, and has a 2,000Mbps model in testing.
For the three months ended June 30, the company announced last week that it recorded a net loss of $2.3 million, or $0.46 per share, compared with a net loss of $5.3 million, or $0.99 per share, a year earlier.
GigaBeam publicly announced its quarterly results last week, but didn’t officially file with the Securities and Exchange Commission until Sept. 10.
Sales increased 196% to $2.1 million, compared with $0.7 million in the second quarter of 2006.
In midday trading, shares of the small cap are up 1.92%, or $0.08, at $4.25. Over the last 52 weeks, shares have ranged from $2.06 to $7.49.
