Despite the lagging economy, AM Communications Inc. and ARESCOM managed to post positive revenue results.
For the first quarter 2003, AM reported a 142 percent year-over-year jump in revenue, up from $4 million in Q1 2002 to $9.7 million. During the quarter, the company recorded a net loss of $172,000 million, and took a $325,000 charged related to Adelphia Communications Corp.'s outstanding receivables.
AM, which offers design and development services for the broadband industry, said its broadband products business unit posted revenue of $5 million. The unit has posted a profit in the last 10 ten quarters. Operating income was $445,000, excluding a $504,000 Adelphia-related charge.
The company's broadband services business unit recorded revenue of $4.7 million and an operating loss of $531,000 for the quarter.
AM recently acquired broadband network installer Nex-Link Communications Project Services LLC. In June, the company announced a partnership with Harmonic Inc. to integrate Harmonic's broadband networking systems with the AM Communications Omni2000 HFC Network Management System.
High-speed Internet access equipment provider ARESCOM doubled its annual revenues. The company posted $58 million in revenue for fiscal 2002, up from $31 million in fiscal 2001.
Since its official launch less than six months ago, ARESCOM, which supplies equipment for the hospitality, residential property, telecommunication and ISP markets, has inked contracts to install its hardwired and/or high-speed Internet access equipment in more than 100 lodging properties. The company's goal is to have its equipment installed in 1,000 business-class hotels in the United States by the end of 2003.