-----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, VN7DWsPqWrOTSE7JB0SlEFR6Nas/TkeR7ljELLVSw8S9edMohp/hHE2YSCefDrC9 yPcfZ1y0xeY6WVxwpzC3fA== 0000891618-98-003811.txt : 19980813 0000891618-98-003811.hdr.sgml : 19980813 ACCESSION NUMBER: 0000891618-98-003811 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980812 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: METRICOM INC / DE CENTRAL INDEX KEY: 0000884318 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 770294597 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-19903 FILM NUMBER: 98684188 BUSINESS ADDRESS: STREET 1: 980 UNIVERSITY AVE CITY: LOS GRATOS STATE: CA ZIP: 95030 BUSINESS PHONE: 4083998200 MAIL ADDRESS: STREET 1: 980 UNIVERSITY AVE CITY: LOS GATOS STATE: CA ZIP: 95030 10-Q 1 FORM 10-Q FOR THE QUARTER ENDING 6/30/98 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 1998 or [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ____________to____________ Commission file number 0-19903 METRICOM, INC. (A Delaware Corporation) I.R.S. Employer Identification #77-0294597 980 University Avenue Los Gatos, CA 95032-2375 (408) 399-8200 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] The number of shares of common stock outstanding as of July 31, 1998 was 18,624,722 2 TABLE OF CONTENTS
PAGE PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations 9 Liquidity and Capital Resources 11 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 12 ITEM 5. OTHER INFORMATION 13 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 13 SIGNATURE PAGE 14 EXHIBIT INDEX 15
2 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS METRICOM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
JUNE 30, DECEMBER 31, 1998 1997 --------- --------- ASSETS CURRENT ASSETS: Cash and cash equivalents ................................... $ 41,147 $ 9,784 Short-term investments ...................................... 150 4,390 Accounts receivable, net .................................... 2,513 2,278 Inventories ................................................. 4,837 3,011 Prepaid expenses and other .................................. 2,265 1,124 --------- --------- Total current assets .................................... 50,912 20,587 PROPERTY AND EQUIPMENT, net ................................... 22,927 25,875 LONG-TERM INVESTMENTS ......................................... 58 300 OTHER ASSETS, net ............................................. 3,309 4,341 --------- --------- Total assets ............................................ $ 77,206 $ 51,103 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable ............................................ $ 3,502 $ 3,143 Accrued liabilities ......................................... 7,180 5,464 Note payable ................................................ -- 5,000 --------- --------- Total current liabilities ............................... 10,682 13,607 --------- --------- LONG-TERM DEBT ................................................ 45,000 45,000 --------- --------- OTHER LIABILITIES ............................................. 943 1,129 --------- --------- MINORITY INTEREST ............................................. 5,184 5,184 --------- --------- STOCKHOLDERS' EQUITY (DEFICIT): Common stock ................................................ 19 14 Additional paid-in capital .................................. 189,605 135,466 Unrealized holding gain on investments ...................... 5 1 Accumulated deficit ......................................... (174,232) (149,298) --------- --------- Total stockholders' equity (deficit) .................... 15,397 (13,817) --------- --------- Total liabilities and stockholders' equity (deficit) .... $ 77,206 $ 51,103 ========= =========
The accompanying notes are an integral part of these condensed consolidated statements. 3 4 METRICOM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED ------------------ ---------------- JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1998 JUNE 30, 1997 ------------- ------------- ------------- ------------- REVENUES: Service revenues .................... $ 2,277 $ 2,209 $ 4,251 3,373 Product revenues .................... 2,084 2,533 3,713 3,163 -------- -------- -------- -------- Total revenues .................. 4,361 4,742 7,964 6,536 -------- -------- -------- -------- COSTS AND EXPENSES: Cost of service revenues ............ 7,564 6,792 13,722 13,674 Cost of product revenues ............ 1,416 1,412 2,791 1,687 Research and development ............ 3,715 2,868 6,773 5,889 Selling, general and administrative ................... 4,605 5,387 8,866 10,764 Provision for Overall Wireless ...... -- 3,611 -- 3,611 -------- -------- -------- -------- Total costs and expenses ............ 17,300 20,070 32,152 35,625 -------- -------- -------- -------- Loss from operations .............. (12,939) (15,328) (24,188) (29,089) INTEREST EXPENSE ...................... 953 1,172 1,965 2,131 INTEREST INCOME ....................... 671 549 1,224 1,310 -------- -------- -------- -------- Net loss .......................... $(13,221) $(15,951) $(24,929) $(29,910) ======== ======== ======== ======== BASIC & DILUTED NET LOSS PER SHARE.................. $ (0.71) $ (1.17) $ (1.41) $ (2.20) ======== ======== ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING .................. 18,512 13,601 17,728 13,591 ======== ======== ======== ========
The accompanying notes are an integral part of these condensed consolidated statements. 4 5 METRICOM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
SIX MONTHS ENDED JUNE 30, JUNE 30, 1998 1997 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ....................................................... $(24,929) $(29,910) Adjustments to reconcile net loss to net cash used in operating activities- Depreciation and amortization .............................. 4,622 3,819 Provision for Overall Wireless ............................ -- 3,611 Increase in accounts receivable, prepaid expenses and other current assets ............... (1,375) (1,362) Increase in inventories .................................... (1,826) (1,148) Increase(decrease) in accounts payable, accrued liabilities, and other liabilities ................................... 1,889 (1,338) -------- -------- Net cash used in operating activities .......................................... (21,619) (26,328) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment ............................ (1,384) (9,228) Other .......................................................... 156 (2,034) Purchase of investments ........................................ -- (14,325) Proceeds from the sale of investments .......................... 4,240 39,966 -------- -------- Net cash provided by investing activities ............. 3,012 14,379 -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock ......................... 54,970 494 Cash used to retire short-term debt, net ....................... (5,000) -- Contributions from minority interest ........................... -- 2,191 -------- -------- Net cash provided by financing activities ............. 49,970 2,685 -------- -------- NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS ................................................... 31,363 (9,264) CASH AND EQUIVALENTS, BEGINNING OF PERIOD ........................ 9,784 15,246 -------- -------- CASH AND EQUIVALENTS, END OF PERIOD .............................. $ 41,147 $ 5,982 ======== ========
The accompanying notes are an integral part of these condensed consolidated statements. 5 6 METRICOM, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PRESENTATION The condensed consolidated financial statements of Metricom, Inc. (the "Company") presented in this Form 10-Q are unaudited. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (which include only normal recurring adjustments) which are necessary for a fair presentation of operations for the three and six month periods ended June 30, 1998 and June 30, 1997. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K, as amended, for the year ended December 31, 1997, as filed with the Securities and Exchange Commission. Certain amounts have been restated from the previously reported balances to conform to the 1998 presentation. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three- and six-month periods ended June 30, 1998 and June 30, 1997 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. NOTE 2. INVENTORIES Inventories are stated at the lower of cost (first-in, first-out) or market and include purchased parts, labor and manufacturing overhead. Inventories consisted of the following (in thousands):
JUNE 30, DECEMBER 31, 1998 1997 ------ ------ Raw materials $2,852 $1,660 Work-in-progress -- 28 Finished goods 1,985 1,323 ------ ------ Total $4,837 $3,011 ====== ======
6 7 NOTE 3. COMPREHENSIVE INCOME The Company adopted Statement of Financial Accounting Standard No. 130 "Reporting Comprehensive Income" effective for fiscal years beginning after December 15, 1997 and has restated information for all prior periods reported below to conform to this standard.
(In thousands) Three Months Ended Six Months Ended June 30, June 30, 1998 1997 1998 1997 ------- ------ ------ ----- NET LOSS............................................$(13,221) $(15,951) $(24,929) $(29,910) OTHER COMPREHENSIVE INCOME Unrealized holding gains on available-for-sale-securities ................. 4 50 4 17 -------- -------- -------- -------- COMPREHENSIVE INCOME................................$(13,217) $(15,901) $(24,925) $(29,893) ======== ======== ======== ========
NOTE 4. BASIC AND DILUTED NET LOSS PER SHARE Basic and diluted net loss per share has been computed using the weighted average number of shares of common stock outstanding. Potential common equivalent shares from options and warrants to purchase common stock and from conversion of the convertible subordinated notes have been excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive. NOTE 5. VULCAN TRANSACTION On January 30, 1998, the stockholders of the Company approved the sale of 4,650,000 shares of Common Stock to Vulcan Ventures Incorporated ("Vulcan") at a per share price of $12.00. Upon closing of the transaction, Vulcan's ownership interest in the Company was increased to approximately 49.5% of the outstanding shares of Common Stock. The net proceeds from the transaction were $53.7 million. NOTE 6. OVERALL WIRELESS In February 1996, the Company purchased an option to acquire Overall Wireless Communications Corporation ("Overall Wireless"), a company that holds a nationwide, wireless communications license in the 220 to 222 MHz frequency band. The Company paid $700,000 for the option and agreed to loan Overall Wireless up to $2.0 million for the construction of a system utilizing the license, of which approximately $1.9 million had been loaned as of December 31, 1997. In January 1997, the Company paid $500,000 to extend the option from January 1997 to July 1997. The option was subsequently extended to December 31, 2000 for no additional cash consideration. In June 1997, the Company recorded a charge of $3.6 million to fully reserve its investment in Overall Wireless due to uncertainties regarding its realization. In January 1998, 7 8 Overall Wireless canceled the option and the Company paid a termination fee of $1.9 million through cancellation of the indebtedness of Overall Wireless. NOTE 7. NEW ACCOUNTING STANDARD In June 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of an Enterprise and Related Information" ("SFAS No. 131"), which established standards for the way public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports to shareholders. SFAS No. 131 also establishes standards for related disclosures about products and services, geographic areas and major customers. SFAS No. 131 is effective for annual reports on fiscal years beginning after December 15, 1997, although earlier application is encouraged. The Company believes the pronouncement will not have a material effect on its financial statements. In June 1998, the Financial Accounting Standards Board issued SFAS No. 133 "Accounting for Derivative Instruments and Hedging Activities" which establishes accounting and reporting standards for derivative instruments and hedging activities. The Company does not expect the adoption of SFAS No. 133, required beginning January 2000, to have a material effect on its consolidated financial statements. 8 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Except for historical information contained herein, this Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those discussed here. Factors that could cause or contribute to such differences include, but are not limited to, the completion of development of the Company's new high-speed network, uncertainty of market acceptance of the Company's products and services, availability of sufficient financial, management, technical and marketing resources, performance and availability of the Company's radios and modems, the ability of the Company to lease or acquire sites for the location of its network infrastructure, the ability of the Company to enter into partnerships to deploy networks and those factors discussed in the section entitled "Risk Factors" and elsewhere in the Company's Form 10-K, as amended, for the year ended December 31, 1997, as well as those elsewhere in this Form 10-Q. RESULTS OF OPERATIONS Revenues Revenues consist of service and product revenues. Service revenues are derived from the subscriber fees and modem rentals for Ricochet and fees for UtiliNet(R) customer support and are recognized ratably over the service period. Product revenues are derived from the sale of UtiliNet products and Ricochet modems and are recognized upon shipment. Total revenues decreased to $4.4 million for the second quarter of 1998 and increased to $8.0 million for the first six months of 1998 from $4.7 million in the second quarter of 1997 and $6.5 million for the first six months of 1997. Service revenues increased to $2.3 million for the second quarter of 1998 and increased to $4.3 million for the first six months of 1998 from $2.2 million in the second quarter of 1997 and $3.4 million for the first six months of 1997. The increase in service revenues is primarily due to increased subscriber fees resulting from a larger Ricochet subscriber base. Product revenues decreased to $2.1 million for the second quarter of 1998 and increased to $3.7 million for the first six months of 1998 from $2.5 million in the second quarter of 1997 and $3.2 million for the first six months of 1997. The fluctuations in product revenues in the second quarter and first six months of 1998 compared with the respective periods of 1997 was primarily due to differences in the timing of shipments of UtiliNet products. 9 10 Cost of Revenues Cost of service revenues consist primarily of costs incurred to deploy and operate Ricochet networks, the cost to obtain site agreements for the Company's network infrastructure, the cost of providing customer support, certain costs associated with manufacturing the Company's network components and depreciation of modems rented to Ricochet subscribers. Cost of service revenues were $7.6 million for the second quarter of 1998 and $13.7 million in the first six months of 1998 compared with $6.8 million in the second quarter of 1997 and $13.7 million in the first six months of 1997. The increase in the second quarter of 1998 over the comparable period in 1997 is primarily due to launching right of way initiatives in ten new metropolitan areas. Cost of service revenues is expected to increase and exceed service revenues for the foreseeable future as the Company continues to increase efforts to obtain right of way agreements and deploy its high speed networks. Cost of product revenues remained relatively unchanged at $1.4 million in the second quarter 1998 when compared with the same quarter in 1997. Cost of product revenues for the six month period increased to $2.8 million in 1998 from $1.7 million for the first six months of 1997. The increase was primarily due to increased Ricochet modem sales. Cost of product revenues as a percentage of product revenues increased to 68% for the second quarter of 1998 and 75% for the first six months of 1998 compared with 56% and 53% for the respective periods of 1997. The increase was primarily due to a higher proportion of product revenues thus far in 1998 derived from the sale of lower margin Ricochet modems versus Utilinet products. Research and Development Research and development expenses increased to $3.7 million for the second quarter of 1998 and $6.8 million for the first six months of 1998 from $2.9 million for the second quarter of 1997 and $5.9 million for the first six months of 1997. Research and development activities include the development of a high-speed network and subscriber device and enhancements to the technology employed by the Company's current networks. The Company plans to continue the high level of investment in research and development in the foreseeable future. Selling, General and Administrative Selling, general and administrative expenses decreased to $4.6 million for the second quarter of 1998 and $8.9 million for the first six months of 1998 from $5.4 million for the second quarter of 1997 and $10.8 million in the first 6 months of 1997. In the second quarter of 1998, selling expenses decreased approximately $600,000 and general and administrative expenses decreased approximately $200,000 compared with the second quarter of 1997. The decrease in selling expenses is primarily attributable to a lower level of advertising activity. The decline in general and administrative expenses primarily resulted from decreased legal and 10 11 professional fees associated with regulatory matters in 1998. Selling, general and administrative expenses are expected to increase for the foreseeable future. Interest Income and Expense Interest expense decreased to $1.0 million in the second quarter of 1998 and $2.0 million for the first six months of 1998 from $1.2 million in the second quarter of 1997 and $2.1 million in the first six months of 1997. Interest expense in the second quarter of 1997 included a one-time charge for the interest paid against short-term borrowings incurred to participate in the FCC auction in April 1997. Interest income increased to $671,000 for the second quarter of 1998 from $549,000 in the second quarter of 1997 primarily due to a higher average balance of cash, cash equivalents and short-term investments in the second quarter of 1998. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 1998, the Company had cash and cash equivalents and short-term and long-term investments of $41.3 million and working capital of $40.2 million. The Company's accounts receivable increased to $2.5 million as of June 30, 1998 from $2.3 million as of December 31, 1997 due primarily to an increase in the Ricochet subscriber base. The Company's inventories increased to $4.8 million as of June 30, 1998 from $3.0 million as of December 31, 1997 due primarily to an increase in components to be used in the manufacture of a new high speed network. The Company believes that both accounts receivable and inventories will increase in the future in order to support the commercialization of its networks. Since inception, the Company has devoted significant resources to the development, deployment and commercialization of its wireless network products and services. As a result, as of June 30, 1998, the Company had incurred $174.2 million of cumulative net losses. The Company's operations have required substantial capital investments for the purchase of network equipment, modems and computer and office equipment. Capital expenditures were $9.2 million and $1.4 million in the first six months of 1997 and 1998, respectively. The Company expects that it will continue to have substantial capital requirements in connection with the development and deployment of its networks and efforts to attract network subscribers. The Company also expects that, to the extent its subscriber base grows, increasingly significant capital expenditures will be required to procure modems. The Company has financed its operations and capital expenditures primarily through the public and private sale of equity and convertible debt securities. Since inception, the Company has sold equity and convertible debt securities creating net proceeds to the Company of approximately $217.0 million. These sales have included (i) private placements of preferred stock with net proceeds to the Company of approximately $18.9 million, of which $3.0 million was repurchased and the balance converted to Common Stock at the time of the Company's initial public offering in 1992, (ii) an initial public offering of Common Stock with net proceeds to the Company of approximately $8.8 million in 1992, (iii) private placements of Common Stock with net proceeds to the Company of approximately $18.6 million in 1993, (iv) public and private placements of Common Stock with net proceeds to the Company of approximately $75.2 million in 1994, (v) a private placement of 8% Convertible Subordinated Notes due 2003 with net proceeds to the Company of approximately $43.4 million in 1996 and (vi) a private placement of Common Stock with Vulcan with net proceeds to the Company of approximately $53.7 million in 1998. The Company believes that the Company's existing cash and investments, interest income from investments and contributions received from strategic partners will be adequate to satisfy its capital expenditure, operating loss and working capital requirements through 1998. The Company will need to raise additional funds to complete the deployment and commercialization of its current and future networks. There can be no assurance that additional funds will be available on commercially reasonable terms or at all. If such funding is not available, the Company will be forced to slow technology development and network deployment and implement additional cost-reduction measures. 11 12 The Company is in the process of identifying anticipated costs, problems and uncertainties associated with making the Company's internal-use software applications Year 2000 compliant. In general, the Company expects to resolve the Year 2000 issues through planned replacement or upgrades of its third party software applications including updating its financial management system to Oracle 10.7. Although management does not expect Year 2000 issues to have a material impact on its business or future results of operations, there can be no assurance that there will not be interruptions of operations or other limitations of system functionality or that the Company will not incur significant costs to avoid such interruptions or limitations. Item 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS a) The Annual Meeting of Stockholders of Metricom, Inc was held on June 26, 1998. b) Robert P. Dilworth, Ralph Derrickson and Timothy A. Dreisbach were elected to the Board of Directors to hold office until the 2001 Annual Meeting of Stockholders and until their successors are elected. c) The following persons are persons whose terms of office as Directors of the Company continued after the meeting:
Director Term Expires -------- ------------ David E. Liddle 2000 William D. Savoy 2000 Robert S. Cline 1999 Justin L. Jaschke 1999
d) The matters voted upon at the meeting and the voting of stockholders with respect thereto are as follows: 1) Elect Robert P. Dilworth, Ralph Derrickson and Timothy A. Dreisbach as Directors to hold office until the 2001 Annual Meeting of Stockholders and until their successors are elected:
For Withheld ---------- -------- Robert P. Dilworth 11,103,097 61,235 Ralph Derrickson 11,111,928 52,404 Timothy A. Dreisbach 11,105,452 58,880
2) Approve the Company's 1997 Equity Incentive Plan, as amended. For: 9,949,440 Against: 1,160,821 Abstain: 54,071 3) Approve the Company's 1991 Employee Stock Purchase Plan, as amended. For: 10,896,279 Against: 214,405 Abstain: 53,648 4) Approve the Company's 1993 Non-Employee Directors' Stock Option Plan, as amended. For: 10,070,961 Against: 1,025,635 Abstain: 67,736 5) Ratify the selection of Arthur Andersen LLP as independent auditors of the Company for its fiscal year ending December 31, 1998 For: 11,076,912 Against: 44,215 Abstain: 43,205 12 13 ITEM 5. OTHER INFORMATION Pursuant to the Company's bylaws, stockholders who wish to bring matters or propose nominees for director at the Company's 1999 annual meeting of stockholders must provide specified information to the Company by January 22, 1999 (unless such matters are included in the Company's proxy statement pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended). Notwithstanding the foregoing, in the event the date of the 1999 annual meeting of stockholders is changed by more than 30 days from the date contemplated at the time the Company's proxy statement for the 1998 annual meeting of stockholders was sent to stockholders, stockholders who wish to bring matters or propose nominees for director must provide such information to the Company within a reasonable time before the proxy statement relating to the 1999 annual meeting of stockholders is sent to stockholders. ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K a. Exhibits: 27.1 Financial Data Schedule b. Reports on Form 8-K: None 13 14 SIGNATURES 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 thereunto duly authorized. METRICOM, INC. (Registrant) By: /s/ VANESSA A. WITTMAN ---------------------------------------- Date: August 12, 1998 Vanessa A. Wittman Chief Financial Officer and Duly Authorized Officer 14 15 EXHIBIT INDEX
Exhibit # Description --------- ----------- 27.1 Financial Data Schedule
EX-27.1 2 FINANCIAL DATA SCHEDULE
5 1,000 6-MOS DEC-31-1998 APR-01-1998 JUN-30-1998 41,147 150 2,513 0 4,837 50,912 22,927 0 77,206 10,682 45,000 0 0 19 0 77,206 2,084 4,361 1,416 8,980 8,320 0 953 (13,221) 0 (13,221) 0 0 0 (13,221) (0.71) (0.71)
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