First Avenue Networks Announces Second Quarter Results
August 09 2006 - 12:56PM
Business Wire
First Avenue Networks (NASDAQ:FRNS), a fixed wireless services
provider, today announced that it has reported results for the
second quarter ended June 30, 2006. Revenues for the six months
ended June 30, 2006 increased 48% to $883,000 from $596,000 for the
six months ended June 30, 2005. The year over year increase was
primarily the result of the acquisition of Teligent's fixed
wireless operations in January 2005. The Company had cash, cash
equivalents, restricted cash and certificates of deposit totaling
$62.1 million at June 30, 2006. "Our company is on the verge of
transforming itself from a nationwide provider of wireless
transport services, into the largest and most established
alternative provider of backhaul and access services in the United
States," said Michael Gallagher, president and CEO, First Avenue
Networks. "With the close of our merger agreement with FiberTower
imminent, both companies are very enthusiastic about what the
future holds for the new entity. The new FiberTower will be
extremely well positioned with significant spectrum assets, a
world-class network operating platform and relationships with many
of the nation's leading wireless carriers and tower companies - all
at a time when fixed wireless is primed to take off as a viable
alternative transport solution." Forward Looking Statements
Statements included in this news release which are not historical
in nature are "forward-looking statements" within the meaning of
Section 21E of the U.S. Securities Exchange Act of 1934 and the
U.S. Private Securities Litigation Reform Act of 1995. Forward
looking statements relate to expectations, beliefs, projections,
future plans and strategies, anticipated events or trends and
similar expressions concerning matters that are not historical
facts. These include, without limitation, statements regarding
increased demand for the Company's services, its strategy,
forecasts of revenues, earnings estimates, statements regarding
contracts, work or revenue opportunities the Company may secure in
the future, and related information, all of which are based on
current factual information and certain assumptions about future
events which management believes to be reasonable at this time.
There are many risks, uncertainties and other factors that can
prevent the Company from achieving its goals or cause the Company's
results to differ materially from those expressed or implied by
these forward-looking statements including, without limitation,
changes in demand for the Company's services from external factors
including general economic conditions or changes in wireless demand
or technology affecting network expansion strategies at and
financing opportunities for the Company's clients, delays in the
award of new work, the termination or reduction of existing
projects due to changes in the financial condition or business
strategies of the Company's clients, the Company's dependence on
hiring and retaining professional staff and key personnel,
fluctuations in quarterly results from a variety of internal and
external factors including changes in the Company's estimates with
respect to the completion of fixed-price contracts, lengthy sales
cycles especially with respect to larger contracts that may account
for a significant portion of the Company's anticipated revenues,
intense competition in the marketplace especially from competitors
with greater financial resources and financing capabilities, and
those risk factors described in First Avenue Network Inc.'s filings
with the Securities and Exchange Commission, including its most
recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q.
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