WJ Closes Q3, Names CFO

Sales for the third quarter of 2001 were $15.5 million; William R. Slakey appointed chief financial officer

October 24, 2001

2 Min Read

SAN JOSE, Calif. -- WJ Communications, Inc. (Nasdaq:WJCI) today announced results for its third quarter ended September 30, 2001. Sales for the third quarter of 2001 were $15.5 million, compared to $16.7 million in the second quarter of 2001 and $34.9 million in the third quarter of last year. The third quarter loss from continuing operations excluding non-cash and non-recurring items was $1.9 million, or $0.03 per diluted common share. This represents a significant improvement of $600,000 compared to a net loss excluding non-cash and non-recurring items in the previous quarter of $2.5 million, or $0.05 per diluted common share. "Our revenues during the third quarter continued to be impacted by the prolonged slowdown in the telecommunications equipment sector, as a 17% sequential increase in wireless product sales was offset by a tough market for both semiconductor and fiber optic products," said Malcolm Caraballo, Chief Executive Officer and President of WJ Communications. "However, we are very pleased with our progress in introducing new products and winning new customers, while also significantly improving our financial model. Our break-even point has been dramatically lowered over the past six months and we believe that we can quickly reach EBITDA positive on even a modest rebound in demand."In a separate release:WJ Communications, Inc. (Nasdaq:WJCI) today announced that it has appointed William R. Slakey, age 43, as Chief Financial Officer, effective October 30. Mr. Slakey brings to WJ more than 15 years of experience in key financial roles at leading technology companies. Most recently, Slakey served as Chief Financial Officer of Snap Track, Inc., a venture-backed startup in the wireless software industry that was acquired by Qualcomm, Inc. in a stock transaction valued at $1 billion. Prior to Snap Track, Slakey served as Senior Controller of Palm Computing during the two years leading up to that company's successful IPO and spin off from 3Com Corporation. Previously, Slakey served as Director of Investor Relations for 3Com. Prior to joining 3Com, Slakey served in various financial management positions during a ten-year career at Apple Computer.WJ Communications Inc.

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