BELLEVUE, Wash., May 10, 2001 (PRIMEZONE) -- Unity Wireless Corporation (OTCBB:UTYW), a leading provider of high performance RF power amplifiers to the wireless industry, today announced first quarter 2001 financial results demonstrating the ongoing efforts of new management by reporting the first profitable quarter in the four year history of the Company.
Net income for the first quarter ended March 31, 2001 was $110,640 or .004 per share versus a net loss of $670,681 for the same period last year. Net Sales in the first quarter of 2001 totaled $1,392,947, an increase of 2,549%. Cost of goods sold in the first quarter of 2001 was $996,462 generating a gross profit margin of 28%. These results represent the first full quarter of combined operations after the acquisition of Ultratech Linear Solutions Inc. in November 2000 and the recently completed restructuring efforts.
John Robertson, Chief Executive Officer, reported that, "we are gratified to have seen the beneficial results of the successful integration of operations and to have achieved those results within the first quarter of joint operation. We anticipate further growth in the near-term and in the future." The Company has extended its success to sales as well as operations, with an increase in new orders and "RFP's" or request for quotes from both existing clients and new customers in comparison to prior periods. "Now that we have demonstrated what we can do from a technology delivery standpoint, we intend to move forward aggressively in both the R&D and marketing areas," he said.
The Company also generated cash from operations of $81,635 increasing the Company's cash position by $51,925 to $2,054,009 on March 31, 2001 from $2,002,084 on December 31, 2000. The Company beat its internal budget forecast. The complete Unity Wireless Corporation First Quarter 2001 Report on Form 10-QSB can be found at www.freeedgar.com indexed under the UTYW stock symbol.
Roland Sartorius, Chief Financial Officer, stated, "the Company is very focused on continued effective monitoring of its operating expenses and managing its resources and finances, which will allow the company to invest in R&D and a stronger sales campaign. This report is very encouraging." The Company expects to grow its share of what the industry estimates by 2003 will be a $3.5 billion market for RF Power Amplifiers.
The Company is now positioned to exploit its competitive advantage in product development and design to garner sales within this growth sector of the wireless communication industry.
About Unity Wireless Corporation www.unitywireless.com
Thousands of Unity Wireless's UltraTech family of high performance RF (radio frequency) power amplifiers are utilized in current wireless networks supporting cost effective, reliable end-to-end voice and data communications. We support current and next generation network technologies including Cellular, PCS (Personal Communications Services -- TDMA, CDMA, GSM), IP Gateways, Paging, WLL (Wireless Local Loop), BWA (Broadband Wireless Access) and 3G (third generation) W-CDMA frequencies. Designed, assembled, tuned and tested in our Burnaby, British Columbia facility, UltraTech amplifiers ensure maximum efficiency and performance.
This news release includes statements that constitute forward-looking statements, including statements about anticipated demand for the Company's products, future market share and new growth and the anticipated impact of corporate restructuring on the Company's financial results. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.