Unity Wireless Reports Results for First Quarter of 2007
Revenues Increased 90% Over Q1-2006; Losses Decreased 6%; Gross Margin Increased to 29%
BELLINGHAM, WA--May 15, 2007 -- Unity Wireless Corporation (OTCBB: UTYW) today released the company’s first quarter 2007 financial report 10-QSB.
Highlights for the first quarter of 2007, as compared to the first quarter of 2006, include:
• Revenues almost doubled with an increase of $1 million to almost $2.2 million
• Gross margin percentage rose about 28% from 22.8% to 29.4%.
• The loss for the period was decreased by 6%.
• Current and total liabilities were decreased by $1.8million and $2 million respectively
Even though the loss for the period went down slightly, with the addition of three new product lines from the 2006 acquisitions and subsequent new product developments, Research and Development (R&D) expenses increased by $348 thousand. By the same token, after the acquisitions and consolidation activities, Unity has a larger sales force covering a truly global marketplace, including new territories and major accounts in Russia, India, and South East Asia. As a result, Sales and Marketing (S&M) expenses increased by $361 thousand.
About Unity Wireless
Unity Wireless is a developer of key network components for wireless carriers
and OEM sub-components for network infrastructure manufacturers. For more
information about Unity Wireless, visit www.unitywireless.com.
Forward Looking Statements
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "feel," "plan,"
"anticipate," "project," "could," "should" and other similar
expressions generally identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of their dates. These forward-looking statements are
subject to a number of risks and uncertainties, including without limitation,
inability to consummate the acquisitions, difficulty in integrating any
of the proposed or future acquisitions, inability to raise the funds necessary
for the continued operations of the Company and its acquisitions, changes
in external market factors including the economy, and other risks and
uncertainties indicated in the Company's most recent SEC filing on form
SB-2. Actual results could differ materially from the results referred
to in the forward-looking statements.
Investor Contact:
Talal Fouani, Wall Street Financial Corp. (403) 616-8472
Mike Mulshine , Osprey Partners, (732) 292-0982 , osprey57@optonline.net
Noam Yellin, Middle East Investor Relations, +972 (3) 695-4333, nyellin@bezeqint.net |
