Hybrid announces $9.3 million Sprint order

Embattled broadband fixed-wireless vendor Hybrid Networks today reported that net second quarter quarters sales increased 99% to $5.5 million from $2.7 million over the second quarter of 2000. Also, the company’s net loss was reduced to about $3.1 million, or 14 cents per share, from a net loss of about $10.7 million, or 73 cents per share, a year ago.

The results were buoyed by “final acceptance by customers of systems shipped in previous quarters,” the company said.

Additionally, Hybrid said that Sprint has placed an order for $9.3 million worth of broadband fixed-wireless routers (on-premises modems) and base-station equipment that Hybrid expects to deliver by November. Hybrid also has orders and is delivering products to WorldCom’s broadband fixed-wireless deployments in Memphis, Baton Rouge, La., and Jackson, Miss., said Michael Greenbaum, Hybrid’s president/CEO.

“While we cannot project potential sales from any of our customers, we are optimistic about our future relationships,” Greenbaum said, adding, “Looking ahead to the third quarter, Hybrid expects to achieve at least double-digit percentage growth in terms of revenue from the second quarter and we expect to maintain positive growth margins.”

Technologically, he said, the company is “making significant progress” in developing a fourth-generation, near-line-of-sight (NLOS) router. Such a router is considered by many in the fixed broadband industry as the panacea for line-of-sight delivery woes that are hampering rollouts by adding expense and difficulty to home installations.

Greenbaum did not address whether the financial results were sufficient to overcome Hybrid’s problems with the Nasdaq stock exchange.

“We have been noticed by Nasdaq that we did not meet the listing requirements,” Greenbaum said. “Nasdaq has scheduled a hearing on that subject and as soon as Nasdaq has notified Hybrid of its decision, we will be issuing a press release.”

But Greenbaum generally was enthused about the company’s future, concluding, “Today’s Sprint order … is solid evidence of the continued acceptance of Hybrid’s equipment and technology.”