Hybrid Networks to Close Its Doors

 
 
By Matthew Hicks  |  Posted 2002-03-31 Email Print this article Print
 
 
 
 
 
 
 

The woes of the fixed wireless industry have taken their toll on Hybrid Networks Inc. The San Jose, Calif., company, which develops and makes fixed wireless systems sold to telecom providers, is planning to cease operations by the end of April.

The woes of the fixed wireless industry have taken their toll on Hybrid Networks Inc. The San Jose, Calif., company, which develops and makes fixed wireless systems sold to telecom providers, is planning to cease operations by the end of April. Hybrid announced the move late last week after failing in its efforts to find a buyer or merger opportunity. The company also announced Friday that it is cutting 80 percent of its remaining staff of 40. The company, founded in 1990, said that it expects revenues for the first quarter of 2002 to be no more than $700,000 and that after paying employee compensation, termination and other expenses, it will have cash and accounts receivable of less than $1 million, leaving it without enough liquidity to stay in business.
Hybrid sold a line of wireless broadband routers and equipment on MMDS (Multichannel Multipoint Distribution Service) fixed wireless frequencies to service providers offering wireless broadband to consumers. Among its customers were Sprint Corp. and WorldCom Inc.
Hybrid announced in February that $5.5 million in debt was to come due on April 30. For fiscal 2001, ended Dec. 31, the company had a net loss of $10.7 million on net sales of $27.9 million.
 
 
 
 
Matthew Hicks As an online reporter for eWEEK.com, Matt Hicks covers the fast-changing developments in Internet technologies. His coverage includes the growing field of Web conferencing software and services. With eight years as a business and technology journalist, Matt has gained insight into the market strategies of IT vendors as well as the needs of enterprise IT managers. He joined Ziff Davis in 1999 as a staff writer for the former Strategies section of eWEEK, where he wrote in-depth features about corporate strategies for e-business and enterprise software. In 2002, he moved to the News department at the magazine as a senior writer specializing in coverage of database software and enterprise networking. Later that year Matt started a yearlong fellowship in Washington, DC, after being awarded an American Political Science Association Congressional Fellowship for Journalist. As a fellow, he spent nine months working on policy issues, including technology policy, in for a Member of the U.S. House of Representatives. He rejoined Ziff Davis in August 2003 as a reporter dedicated to online coverage for eWEEK.com. Along with Web conferencing, he follows search engines, Web browsers, speech technology and the Internet domain-naming system.
 
 
 
 
 
 
 

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