August 14, 2003, Gallatin, MO — WideBand Corporation (OTCBB-ZWBC) announced today its financial results for the quarter ended June 30, 2003. Posting a modest gain for the three months ended June 30, 2003, the company showed an increase in sales of 173% for the quarter ended June 30, 2003, resulting in net earnings of $6,869 for the quarter compared with a loss of $104,773 for the same period of the prior year.
The company incurred a net loss of $178,281 or $(0.01) per share for the nine months ended June 30, 2003, compared to a net loss of $575,192 or $(0.04) per share for the same period of the prior year. With a net loss of $859,525 for the year ended September 30, 2002 and an accumulated deficit of $4,271,098 as of June 30, 2003, this is the first quarter the start-up company has achieved near break-even results.
“We want to thank our dedicated employees, resellers, and wonderful customers for this achievement,” said company President Dr. Roger Billings, concerning the quarterly results. “We have worked hard as a start-up company to develop leadership technology in this field, and now, with products in production and on the market, we are ready to expand as we enter into the development phase of the corporate cycle.”
WideBand Corporation is a manufacturer of high-performance Gigabit Ethernet equipment, with automated manufacturing facilities located in Gallatin, Missouri. The company has pioneered cutting-edge technology and is best known for its ability to operate at gigabit data rates over existing cabling. This feature allows customers to upgrade to gigabit networking without the expensive cost of rewiring their premises.
WideBand Corporation markets products primarily to tier-one customers, including the federal government, large universities, the military, and Fortune 500 companies. Its wholly owned subsidiary, eGig Corporation, markets computer networking products to the SOHO market (Small Office, Home Office).
Safe Harbor Statement: This news release contains information that is ‘forward-looking’ in that it describes conditions which WideBand Corporation reasonably expects to occur in the future. Expectations for future performance of the business of WideBand is dependent on a number of factors, and there can be no assurance that WideBand will achieve the results as contemplated herein. The accuracy of these statements cannot be guaranteed, as they are subject to a variety of risks, including the possibility that the described activities or events will not be completed or occur.