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Arc Wireless Solutions Inc. (ARCW) filed Quarterly Report for the period ended 2011-03-31.
Arc Wireless Solutions Inc. has a market cap of $9 million; its shares were traded at around $2.9099 with and P/S ratio of 2.3.
This is the annual revenues and earnings per share of ARCW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ARCW.
Highlight of Business Operations:
At March 31, 2011, we had approximately $11.8 million in working capital, which represents a decrease of approximately $100 thousand from working capital at December 31, 2010 of $11.9 million.
Total revenues were approximately $823 thousand for the three months ended March 31, 2011 and $1.1 million for the three months ended March 31, 2010. The decrease in revenues during the three months ended March 31, 2011 compared to the three months ended March 31, 2010 is primarily attributable to general decrease in broadband wireless sales which was partially offset by an increase in our GPS antenna sales.
Selling, general and administrative expenses (SG&A) decreased 36% to $367 thousand for the quarter ended March 31, 2011 as compared to $572 thousand for the quarter ended March 31, 2010. SG&A as a percent of total revenues decreased from 50% for the three months ended March 31, 2010 to 44% for the three months ended March 31, 2011. Salaries and wages, remains the largest component of SG&A costs, constituting 29% of the total SG&A costs for the three months ended March 31, 2011 and 2010. The majority of the overall decrease in SG&A is related to a decrease in salary costs and decreases in US facility costs. We are continuing our efforts to streamline our operations and reduce costs in other areas.
Other income decreased during the first quarter 2011 to approximately $10 thousand as compared to $11 thousand in the first quarter 2010. The decline is primarily due to decreased interest income as a result of the decline in our cash balances in addition to a decline in interest rates on money market funds where a significant portion of the funds are invested.
The net cash used by operating activities was $296 thousand for the three months ended March 31, 2011 compared to net cash used by operating activities of $324 thousand for the three months ended March 31, 2010. The primary reason for the change is a reduction in the net loss from operations of $152 thousand comparing the quarter ended March 31, 2011 to the quarter ended March 31, 2010.
The net cash used in investing activities from continuing operations was $33 thousand for the three months ended March 31, 2011 compared to $55 thousand for the three months ended March 31, 2010, primarily the result of capital expenditures for molds and machinery.
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