Arc Wireless Solutions Inc. (ARCW, Financial) filed Quarterly Report for the period ended 2009-06-30.
ARC Wireless Solutions Inc. is involved in selective design manufacturing & marketing as well as distributing and servicing of a broad range of wireless components & network products & accessories. The Company develops manufactures & markets proprietary products including base station antennas & other antennas through its Wireless Communications Solutions Division; it designs manufactures & distributes cable assemblies for cable satellite and other markets through its Starworks Wireless Inc. subsidiary it negotiates & manages its contract manufacturing relationships through its ARC Wireless Hong Kong Ltd. subsidiary. The Company\'s products & systems are marketed through the Company\'s internal sales force OEMs numerous reseller distribution channels retail & the Internet. ARC together with its Wireless Communications Solutions Division and its Starworks Wireless subsidiary is headquartered in Wheat Ridge Colorado. The Company\'s China subsidiary is located in Ko Arc Wireless Solutions Inc. has a market cap of $7.2 million; its shares were traded at around $2.3501 with and P/S ratio of 1.
Discontinued operations for the three months ended June 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. There were no revenues for the both three months ended June 30, 2009 and 2008 resulting in a loss from discontinued operations in the second quarter 2009 of $2 thousand compared to a loss from discontinued operations of $8 thousand for the same period in 2008.
Net interest expense decreased from $31 thousand for the six months ended June 30, 2008 to approximately $9 thousand for the current year period primarily related to decreased amounts outstanding during the period under our Credit Facility with Citywide Bank. At June 30, 2009, we had no debt outstanding. Our Credit Facility expired on May 1, 2009 and is no longer outstanding.
Discontinued operations for the six months ended June 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. Revenues for the six months ended June 30, 2009 were only $1 thousand compared to revenues of $14 thousand for the six months ended June 30, 2008 resulting in a loss from discontinued operations in 2009 of $14 thousand compared to a loss from discontinued operations of $15 thousand for 2008.
The net cash used by operating activities from continuing operations was $941 thousand for the six months ended June 30, 2009 compared to net cash used by operating activities from continuing operations of $8 thousand for the six months ended June 30, 2008. The primary reason for the change is the decrease in accounts payable and accrued expenses of $764 thousand over the prior period.
Net cash used in financing activities from continuing operations for the six months ended June 30, 2009 was $24 thousand compared to $348 thousand for the six months ended June 30, 2008. The decrease in the net cash used is primarily the result of the expiration of the Company s line of credit in May 2009.
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ARC Wireless Solutions Inc. is involved in selective design manufacturing & marketing as well as distributing and servicing of a broad range of wireless components & network products & accessories. The Company develops manufactures & markets proprietary products including base station antennas & other antennas through its Wireless Communications Solutions Division; it designs manufactures & distributes cable assemblies for cable satellite and other markets through its Starworks Wireless Inc. subsidiary it negotiates & manages its contract manufacturing relationships through its ARC Wireless Hong Kong Ltd. subsidiary. The Company\'s products & systems are marketed through the Company\'s internal sales force OEMs numerous reseller distribution channels retail & the Internet. ARC together with its Wireless Communications Solutions Division and its Starworks Wireless subsidiary is headquartered in Wheat Ridge Colorado. The Company\'s China subsidiary is located in Ko Arc Wireless Solutions Inc. has a market cap of $7.2 million; its shares were traded at around $2.3501 with and P/S ratio of 1.
Highlight of Business Operations:
Net interest expense decreased from $22 thousand for the three months ended June 30, 2008 to approximately $6 thousand for the current quarterly period primarily related to decreased amounts outstanding during the period under our Credit Facility with Citywide Bank. At June 30, 2009, we had no debt outstanding. Our Credit Facility expired on May 1, 2009 and is no longer outstanding.Discontinued operations for the three months ended June 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. There were no revenues for the both three months ended June 30, 2009 and 2008 resulting in a loss from discontinued operations in the second quarter 2009 of $2 thousand compared to a loss from discontinued operations of $8 thousand for the same period in 2008.
Net interest expense decreased from $31 thousand for the six months ended June 30, 2008 to approximately $9 thousand for the current year period primarily related to decreased amounts outstanding during the period under our Credit Facility with Citywide Bank. At June 30, 2009, we had no debt outstanding. Our Credit Facility expired on May 1, 2009 and is no longer outstanding.
Discontinued operations for the six months ended June 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. Revenues for the six months ended June 30, 2009 were only $1 thousand compared to revenues of $14 thousand for the six months ended June 30, 2008 resulting in a loss from discontinued operations in 2009 of $14 thousand compared to a loss from discontinued operations of $15 thousand for 2008.
The net cash used by operating activities from continuing operations was $941 thousand for the six months ended June 30, 2009 compared to net cash used by operating activities from continuing operations of $8 thousand for the six months ended June 30, 2008. The primary reason for the change is the decrease in accounts payable and accrued expenses of $764 thousand over the prior period.
Net cash used in financing activities from continuing operations for the six months ended June 30, 2009 was $24 thousand compared to $348 thousand for the six months ended June 30, 2008. The decrease in the net cash used is primarily the result of the expiration of the Company s line of credit in May 2009.
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