|By Marketwired .||
|May 22, 2014 01:15 PM EDT||
LEAGUE CITY, TX -- (Marketwired) -- 05/22/14 -- ERF Wireless Inc. (OTCQB: ERFB), a leading provider of enterprise-class wireless and broadband products and services, announced today that the Company has filed its Form 10-Q with the Securities and Exchange Commission reporting results for the quarter ended March 31, 2014.
The Company's revenues and gross profits declined slightly in the first quarter of 2014 as compared to the prior year same quarter ended March 31, 2013. Financial highlights are as follows:
- The Company reported revenues of $1,592,000 for the quarter ended March 31, 2014, as compared to revenues of $1,913,000 for the quarter ended March 31, 2013; a decrease of $321,000 or 17%.
- The Company reported gross profit of $660,000 for the quarter ended March 31, 2014, compared to $889,000 for the quarter ended March 31, 2013, a decrease of $229,000 or 26%.
- The Company reported total comprehensive loss of $1,050,000 for the quarter ended March 31, 2014, as compared to a total comprehensive loss of $1,656,000 for the quarter ended March 31, 2013; a decrease of $606,000 or 37%.
- The Company's Energy Broadband, Inc. subsidiary reported revenues of $889,000 for the quarter ended March 31, 2014, as compared to revenues of $1,205,000 for the quarter ended March 31, 2013; a decrease of $316,000 or 26%.
- The Company reported a decrease of $654,000 or 32% in operating expenses in the quarter ended March 31, 2014, as compared to the quarter ended March 31, 2013. The decrease is primarily related to lower employment expenses of $390,000 associated with a headcount decrease of 17 employees and approximately $235,000 in lower legal and professional fees associated with the concluded arbitration proceedings with Schlumberger pertaining to disputes to resolve certain financial issues contained in the 2009 exclusive reseller agreement.
- The Company reduced its burn rate as measured by Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA") to a loss or burn rate of $269,000 for the quarter ended March 31, 2014, as compared to a EBITDA loss or burn rate of $647,000 for the quarter ended March 31, 2013, a decrease of $378,000 or 58%.
- The Company reported Net Cash used by Operating Activities of ($1,000) for the quarter ended March 31, 2014 as compared to Net Cash used by Operating Activities of ($1,109,000) for the quarter ended March 31, 2013, a decrease of $1,108,000.
R. Greg Smith, CFO of ERF Wireless, commented, "We initiated some decisive actions aimed at reducing our operating expenses in the first quarter ended March 31, 2014, that resulted in a decrease of $654,000 or 32% in operating expenses as compared to the quarter ended March 31, 2013. This reduction is the equivalent of $2.6 million reduction on an annualized basis and compares to an overall EBITDA loss or burn rate of $2,583,000 for Calendar 2013. With this substantial cost reduction in place, coupled with increased demand for our Energy Broadband communication services already occurring in the second quarter of 2014, we continue to make good progress on executing on our restructuring plan aimed at reaching profitability and positive cash flow from operations in calendar 2014. We are aggressively focused on driving market share increases for our products and services and associated revenue growth in this primary objective to reach profitability and positive cash flow from operations."
Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "With our second quarter off to a good start, we anticipate that with continued expansion of the U.S. oil and gas exploration and production in 2014 we will continue to make solid progress on reaching these planned objectives. We have a number of specific key objectives planned for 2014 that we believe will be extremely beneficial to our shareholders. Below is a summary of a number of these new objectives that are intended to restore the value to our common stock and move the company forward into profitability."
It is management's goal to build shareholder value through:
(1) certain divestitures of non-core business units and corresponding use of proceeds for debt reduction and consolidation
(2) internal growth of its core Energy Broadband and Enterprise Networks business units
(3) an aggressive acquisition strategy of certain profitable competitors and complementary businesses, and
(4) a focused approach to expansion and operating capital acquisition in conjunction with a national market listing.
In addition to debt reduction plans, management has been active over the last several months positioning the company to capitalize on the renewed exponential growth taking place in the wireless broadband oil and gas sector. The application of new technologies and discoveries taking place in this sector has created increased demand for wireless broadband access and services. This positioning has already put ERF Wireless at the forefront of this demand resulting in significant opportunities for internal revenue that have already begun with the current addition of multiple new customers and other growth under new contracts already beginning with the 2nd quarter of 2014. To complement this internal growth and further capitalize on the expansion within the wireless broadband industry, ERF Wireless has also begun an aggressive acquisition strategy in the 2nd quarter of 2014. To date, management has identified multiple qualified acquisition candidates that would not only add revenues and accretive positive cash flow to the company but would also expand its footprint within the industry substantially. Further details and information on these endeavors will be forthcoming as contracts and agreements materialize.
About ERF Wireless
ERF Wireless Inc. is a fully reporting public corporation located in League City, Texas, and is the parent company of Energy Broadband Inc., ERF Enterprise Network Services, ERF Bundled Wireless Services, ERF Wireless Messaging Services and ERF Network Services. The company specializes in providing wireless and broadband product and service solutions to enterprise, commercial and residential clients on a regional, national and international basis. Its principals have been in the wireless broadband, network integration, triple-play FTTH, IPTV and content delivery business for more than 40 years. For more information, please visit our websites at www.erfwireless.com, www.energybroadband.com and www.erfwireless.net or call 281-538-2101. (ERFBG)
The information in this release may contain forward-looking statements relating to anticipated or expected events, activities, trends or results. Forward-looking statements, can be identified by the use of forward looking terminology such as "believes," "suggests," "expects," "may," "goal," "estimates," "should," "likelihood," "plans," "targets," "intends," "could," or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy or objectives. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Forward-looking statements in this release include, without limitation, the Company's expectations of continued expansion into oil and gas markets and of our terrestrial broadband networks, along with other performance results. These statements are made to provide the public with management's current assessment of our business, and it should not be assumed that that the forward looking statements will prove to be correct. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in this release only as of the date hereof, and we expressly disclaim any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in management's expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in this release. Please carefully review our filings with the Securities and Exchange Commission as we have identified many risk factors that impact our business plan.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
May. 2, 2016 11:00 PM EDT Reads: 1,006
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 2, 2016 08:30 PM EDT Reads: 714
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
May. 2, 2016 07:45 PM EDT Reads: 1,893
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 2, 2016 07:00 PM EDT Reads: 1,056
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 2, 2016 06:30 PM EDT Reads: 1,311
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 2, 2016 06:00 PM EDT Reads: 725
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
May. 2, 2016 05:30 PM EDT Reads: 1,581
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 2, 2016 05:15 PM EDT Reads: 1,005
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 2, 2016 05:00 PM EDT Reads: 1,106
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 2, 2016 04:00 PM EDT Reads: 916
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 2, 2016 03:45 PM EDT Reads: 1,357
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
May. 2, 2016 03:30 PM EDT Reads: 1,076
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 2, 2016 03:00 PM EDT Reads: 396
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 2, 2016 02:45 PM EDT Reads: 1,106