Vyyo Cuts 70+ & Closes Israel Office
Vyyo, which recently opened an office in the Denver area, says it wanted its international R&D to be closer to home. "We are moving our international R&D, engineering and product support functions to be closer to and better serve our expanding list of cable deployments, increase operational efficiencies and reduce expenses," said Vyyo CEO Wayne Davis, in a statement.
The company hired Davis, the former CTO of Charter Communications Inc. , and appointed former Time Warner Cable Inc. (NYSE: TWC) CTO Jim Chiddix as vice chairman of its board in March 2007. (See Vyyo Adds New CEO, Vice Chairman.)
So far, Cox Communications Inc. has been Vyyo's marquee customer for 3GHz technology in the U.S., though a more significant deal could come from its present relationship with StarHub of Singapore. Last August, Vyyo said it has passed some testing milestones with Comcast Corp. (Nasdaq: CMCSA, CMCSK) and Charter. (See StarHub Goes Out-of-Band With Vyyo, Vyyo's Singapore Sling, and Vyyo Gets Foot in Door at Comcast, Charter .)
Vyyo followed last November with a claim that it was close to striking two master purchase agreements for 3GHz passive tech that could be worth $100 million a year in the U.S. alone. (See Vyyo Seeks 3 GHz Breakthrough.)
The company posted third quarter sales of $2.6 million, up from $1.7 million in the year-ago quarter. It also recorded a loss of $8.7 million, widened from a loss of $4.7 million. It ended the third quarter with $19.2 million of cash and investments, versus $26.2 million at the end of the previous period. (See Vyyo Reports Q3.)
Vyyo is scheduled to discuss fourth quarter results the morning of Tuesday, February 5. Vyyo shares closed Friday down $0.09 (3.90%), to $2.32.
— Jeff Baumgartner, Site Editor, Cable Digital News