Arc Wireless Solutions Inc. (ARCW, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 Kow Arc Wireless Solutions Inc. has a market cap of $8.2 million; its shares were traded at around $2.64 with and P/S ratio of 1.1.
Discontinued operations for the three months ended September 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. There were no revenues for the three months ended September 30, 2009 and $14 thousand in revenues for the three months ended September 30, 2008. However, during the third quarter 2009, we had inventory adjustments which resulted in income from discontinued operations in the third quarter 2009 of $10 thousand compared to a loss from discontinued operations of $12 thousand for the same period in 2008.
Net interest expense decreased from $41 thousand for the nine months ended September 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 September 30, 2009, we had no debt outstanding. Our Credit Facility expired on May 1, 2009 and is no longer outstanding.
Discontinued operations for the nine months ended September 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. Revenues for the nine months ended September 30, 2009 were only $1 thousand compared to revenues of $27 thousand for the nine months ended September 30, 2008 resulting in a loss from discontinued operations in 2009 of $4 thousand compared to a loss from discontinued operations of $28 thousand for 2008.
The net cash used by operating activities from continuing operations was $778 thousand for the nine months ended September 30, 2009 compared to net cash provided by operating activities from continuing operations of $229 thousand for the nine months ended September 30, 2008. The primary reason for the change is the cash used to reduce in accounts payable and accrued severance expenses by $737 thousand during the 2009 period.
Net cash used in financing activities from continuing operations for the nine months ended September 30, 2009 was $33 thousand compared to $331 thousand for the nine months ended September 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 Kow Arc Wireless Solutions Inc. has a market cap of $8.2 million; its shares were traded at around $2.64 with and P/S ratio of 1.1.
Highlight of Business Operations:
Net interest expense decreased from $10 thousand for the three months ended September 30, 2008 to approximately $1 thousand for the current quarterly period primarily related to decreased amounts outstanding during the period under our Credit Facility with Citywide Bank. At September 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 September 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. There were no revenues for the three months ended September 30, 2009 and $14 thousand in revenues for the three months ended September 30, 2008. However, during the third quarter 2009, we had inventory adjustments which resulted in income from discontinued operations in the third quarter 2009 of $10 thousand compared to a loss from discontinued operations of $12 thousand for the same period in 2008.
Net interest expense decreased from $41 thousand for the nine months ended September 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 September 30, 2009, we had no debt outstanding. Our Credit Facility expired on May 1, 2009 and is no longer outstanding.
Discontinued operations for the nine months ended September 30, 2009 and 2008 represent the operations of our subsidiary, Starworks Wireless. Revenues for the nine months ended September 30, 2009 were only $1 thousand compared to revenues of $27 thousand for the nine months ended September 30, 2008 resulting in a loss from discontinued operations in 2009 of $4 thousand compared to a loss from discontinued operations of $28 thousand for 2008.
The net cash used by operating activities from continuing operations was $778 thousand for the nine months ended September 30, 2009 compared to net cash provided by operating activities from continuing operations of $229 thousand for the nine months ended September 30, 2008. The primary reason for the change is the cash used to reduce in accounts payable and accrued severance expenses by $737 thousand during the 2009 period.
Net cash used in financing activities from continuing operations for the nine months ended September 30, 2009 was $33 thousand compared to $331 thousand for the nine months ended September 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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