Proxim Wireless reported its second-quarter results and announced it is seeking strategic alternatives for its Harmonix Division, which is part of its Terrabeam subsidiary that primarily sells millimeter wave systems, sub-systems and components for military and non-military government customers and Gigalink 60 GHz and 70-80 GHz radios.
GAAP revenues for the quarter ended June 30 were $15.1 million, an 11 percent decrease from the year-ago quarter. GAAP net less came in at $1.4 million, or 6 cents per diluted share, compared with a net loss of $300,000, or 2 cents per diluted share, for the like quarter a year ago.
For its Harmonix Division, which Proxim deems as non-core to the company, Proxim says it has selected a favored bidder and is currently in due diligence and negotiation with that party. Proxim believes that a sale of the Harmonix Division potentially could be accomplished by Sept. 26.
Proxim looks to capitalize on Motorola's restructuring plans. Proxim story