-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B3oEgKmDWJMrSgBAFSnaslRFVYM2R1r/phHx4f56nxO2+LD/ldQERqiYuntrU+Wb 0WxxTv1NRpD+WOCgGWNdyg== 0000914317-04-001752.txt : 20040428 0000914317-04-001752.hdr.sgml : 20040428 20040428125748 ACCESSION NUMBER: 0000914317-04-001752 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040423 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: YDI WIRELESS INC CENTRAL INDEX KEY: 0000712511 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 042751645 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-29053 FILM NUMBER: 04759631 BUSINESS ADDRESS: STREET 1: 20 INDUSTRIAL DRIVE EAST CITY: SOUTH DEERFIELD STATE: MA ZIP: 01373 BUSINESS PHONE: 4136658551 MAIL ADDRESS: STREET 1: 20 INDUSTRIAL DRIVE EAST STREET 2: INDUSTRIAL PARK CITY: SOUTH DEERFIELD STATE: MA ZIP: 01373 FORMER COMPANY: FORMER CONFORMED NAME: TELAXIS COMMUNICATIONS CORP DATE OF NAME CHANGE: 19991015 FORMER COMPANY: FORMER CONFORMED NAME: MILLITECH CORP DATE OF NAME CHANGE: 19990913 8-K/A 1 form8ka60078ydi.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): April 23, 2004 ---------------------- YDI WIRELESS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 000-29053 04-2751645 - -------------------------------------------------------------------------------- (State or other jurisdiction of (Commission file number) (IRS employer incorporation) identification no.) 8000 Lee Highway, Falls Church, VA 22042 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (703) 205-0600 ---------------------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) This Form 8-K/A is being filed to correct a printer typographical error in the consolidated statement of operations of YDI Wireless, Inc. for the three months ended March 31, 2004 which was included in Exhibit 99.1. As originally filed, that consolidated statement of operations erroneously indicated that YDI's diluted earnings per share was $0.20. That figure has been corrected to $0.02 in the March 31, 2004 consolidated statement of operations contained in the Exhibit 99.1 being filed with this Form 8-K/A. Item 7. Financial Statements and Exhibits. --------------------------------- (c) Exhibits Number Title ------ ----- 99.1 Press release dated April 23, 2004. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. YDI WIRELESS, INC. Dated: April 28, 2004 By: /s/ David L. Renauld ---------------------- David L. Renauld Vice President EXHIBIT INDEX Number Title ------ ----- 99.1 Press release dated April 23, 2004. EX-99.1 2 exhibit99-1.txt YDI WIRELESS For Further Information Contact: - -------------------------------- David L. Renauld Vice President, Corporate Affairs (413) 665-8551 FOR IMMEDIATE RELEASE - --------------------- April 23, 2004 YDI WIRELESS ANNOUNCES FIRST QUARTER 2004 FINANCIAL RESULTS FALLS CHURCH, VA, April 23, 2004 - YDI Wireless, Inc. (OTCBB:YDIW), a leading developer and supplier of broadband wireless solutions, today reported its financial results for the first quarter ended March 31, 2004. Revenue for the quarter ended March 31, 2004 was $6.0 million, an increase of approximately 8.5% over the revenue of $5.5 million for the quarter ended December 31, 2003 and a decrease of approximately 6.5% from the revenue of $6.4 million for the quarter ended March 31, 2003. Gross profit for the first quarter of 2004 was $2.5 million (41% gross profit margin) as compared to $3.0 million (54% gross profit margin) for the fourth quarter of 2003 and $2.0 million (31.0% gross profit margin) for the first quarter of 2003. The net income for the recent quarter was $303 thousand ($0.02 per share, diluted) compared to net loss of $45 thousand ($0.00 per share, diluted) for the fourth quarter of 2003 and $106 thousand ($0.01 per share, diluted) for the first quarter of 2003. Much of the net income for recent quarter resulted from the sale of intellectual property in the amount of $500,000. Robert E. Fitzgerald, Chief Executive Officer, stated, "Margins continue to remain surprisingly strong, although we were disappointed with our first quarter revenues. We continue to believe that margins will not continue to run as high as we have seen over the last several quarters. Our focus will continue to be on revenue growth and profitability. We believe that our strategy of expanding our channels of distribution, combined with the continued introduction of products that focus on meeting real customer needs with proven technology at reasonable prices, will sustain our organic growth. Also, we continue to move forward on strategic transactions, such as our recently announced contemplated merger with Terabeam, to increase stockholder value." About YDI Wireless - ------------------ YDI Wireless, Inc. is a world leader in providing extended range, license free wireless data equipment and is a leading designer of turnkey long distance wireless systems ranging from 19.9 kbps to 1 Gbps for applications such as wireless Internet, wireless video, wireless LANs, wireless WANs, wireless MANs and wireless virtual private networks. Additional information about YDI Wireless as well as its complete product line can be found at the company's website located at http://www.ydi.com or by contacting the company by telephone at ------------------ 413-665-8551 or by email at IR@ydi.com. ---------- YDI Wireless Announces First Quarter 2004 Financial Results April 23, 2004 Page 2 Safe Harbor Statement - --------------------- Statements in this press release that are not statements of historical facts, including statements about our business outlook or expected performance or developments, are forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from the results anticipated in these forward-looking statements due to risks arising from and relating to the contemplated merger of YDI and Terabeam Corporation, the two companies' ability and desire to consummate that transaction, and our ability to achieve the contemplated benefits of that transaction; our contemplated acquisition of Phazar, the two companies' ability and desire to consummate that transaction, and our ability to achieve the contemplated benefits of that transaction; the possibility that the contemplated transaction with Terabeam could negatively impact the contemplated acquisition of Phazar; the uncertainty relating to YDI's ability to have its common stock listed on the Nasdaq National Market or Nasdaq SmallCap Market and timing of any such listing; the downturn and ongoing uncertainty in the telecommunications industry and larger economy; the intense competition in our industry and resulting impacts on our pricing, gross margins, and general financial performance; and the other factors discussed in our filings made from time to time with the Securities and Exchange Commission and in our other public statements. - Financial tables follow - YDI WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
(unaudited) ---------- ------------ March 31, December 31, 2004 2003 ---------- ------------ Assets Current assets: Cash and cash equivalents ........................................................................ $ 9,817 $ 8,990 Accounts receivable, net ......................................................................... 2,855 2,511 Refundable income taxes .......................................................................... 151 226 Inventory ........................................................................................ 3,577 3,134 Assets held for sale ............................................................................. 768 790 Prepaid expenses ................................................................................. 240 162 ------- ------- Total current assets ......................................................................... 17,408 15,813 Property and equipment, net ......................................................................... 1,728 1,747 Other Assets: Investment securities - available-for-sale ........................................................ 1,738 2,627 Intangible assets, net ............................................................................ 433 483 Deposits .......................................................................................... 35 49 ------- ------- Total other assets ........................................................................... 2,206 3,159 ------- ------- Total assets ................................................................................. $21,342 $20,719 ======= ======= Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses ............................................................ $ 3,512 $ 3,023 Current maturities of notes payable .............................................................. 194 213 ------- ------- Total current liabilities .................................................................... 3,706 3,236 Notes payable, net of current maturities ............................................................ 1,255 1,298 ------- ------- Total liabilities ............................................................................ 4,961 4,534 Commitments and contingencies Stockholders' Equity Preferred stock, $0.01 par value; authorized 4,500,000, none issued at March 31, 2004 and December 31, 2003 ......................................................................................... -- -- Common stock, $0.01 par value, 100,000,000 shares authorized, 14,263,488 and 14,179,882 issued and outstanding at March 31, 2004 and December 31, 2003, respectively ......................... 143 142 Additional paid-in capital ....................................................................... 6,369 6,173 Retained earnings ................................................................................ 8,926 8,673 Accumulated other comprehensive income: Net unrealized gain/(loss) on available-for-sale securities .................................... 943 1,197 ------- ------- Total stockholders' equity ................................................................... 16,381 16,185 ------- ------- Total liabilities and stockholders' equity ................................................... $21,342 $20,719 ======= =======
YDI WIRELESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (unaudited) YDI Wireless, Young Design, Inc. Inc. -------------------------------- For the Three Months Ended March 31, -------------------------------- 2004 2003 ------------ ------------ Revenues ........................... $ 6,017 $ 6,436 Cost of goods sold ................. 3,551 4,438 ------------ ------------ Gross profit ................... 2,466 1,998 Operating expenses: Selling costs .................. 440 467 General and administrative ..... 1,727 1,158 Research and development ....... 492 121 ------------ ------------ Total operating expenses .... 2,659 1,746 ------------ ------------ Operating income (loss) ............ (193) 252 Other income (expenses): Interest income ................ 24 -- Interest expense ............... (29) (64) Other income (expenses) ........ 503 -- ------------ ------------ Total other income (expenses) 498 (64) ------------ ------------ Income (loss) before income taxes .. 305 188 Provision for income taxes ..... 2 82 ------------ ------------ Net income (loss) .................. $ 303 $ 106 ============ ============ Weighted average shares - basic .... 14,234,405 9,375,000 ============ ============ EPS, basic ..................... $ 0.02 $ 0.01 ============ ============ Weighted average shares - diluted .. 14,793,965 9,375,000 ============ ============ EPS, diluted ................... $ 0.02 $ 0.01 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----