|Statement of results||Three months to||Six months to|
|(in thousands of US dollars)|
|Research and Development||208||262||462||515|
|Selling, general and administrative||460||958||1,197||2,495|
Net income/(loss) before interest, income taxes and Share
|Net income/(loss) and Total Comprehensive Loss||12||(699)||(404)||(5,009)|
|Net income/(loss) per share, basic and diluted|
Revenues for the quarters ended
Revenue for the six month ended
The company has resumed product builds and shipments in the second quarter of 2014. The Company had shippable backlog of approximately
Cost of revenues consists of the costs of parts; costs incurred with contract manufacturers to assemble and test the Company’s products, as well as the direct and indirect costs incurred to control and test the outsourced manufacturing and supply chain.
Gross profits for the second quarter ended
Gross profits for the six month period ended
The increase in margin is due to the continued efforts on manufacturing yield improvements, Optimising manufacturing batch sizes, successful efforts in manufacturing cost reductions and retaining the ASP of the products
“In the second quarter, the Company went through a restructuring of its operation and reduced its overheads, the full impact of which will be evident in the last six months of 2014,” stated
For further information, please contact:
Interim Chief Executive Officer
(408) - 416-4221
Forward-Looking Statements:This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in
This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to, among other things, the Proposed Transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. Completion of the Proposed Transaction described herein is dependent on a number of factors and is subject to a number of risks and uncertainties, and it is not certain that the Proposed Transaction will be completed. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company's or Wi2Wi’s business, general business, economic and competitive uncertainties and delay or failure to receive board, shareholder or regulatory approvals.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Interim Chief Executive Officer