Jul, 2001 : Netopia Announces New CFO, Releases 3Q Results
📅 - Netopia, Inc. (netopia.com), a market leader in providing broadband gateways and web platform software for businesses, today announced the appointment of William Baker as senior vice president and chief financial officer.
Baker is a respected industry veteran who has more than thirty yearsexperience in the telecommunications hardware and software industry. Mostrecently, he served as vice president and chief financial officer of astartup manufacturer of solid-state storage devices. From 1996 to 2000, Mr.Baker was the vice president and chief financial officer of JPM Company, aninternational manufacturer of equipment for the computer, networking andtelecommunications industries. Previously, Mr. Baker was the vice presidentand chief financial officer for Racotek and Artisoft, and served in seniorfinance positions at Burr-Brown Corporation and CTS Corporation.
"I believe that Netopia has the products, the people and the experience tostrengthen its position as a recognized leader in the rapidly evolvingbroadband market," said Baker.
This news was announced concurrently with Netopia's third quarter fiscalresults for 2001, which showed revenues of $19.0 million, compared to $28.5million for the same period ending June 30 last year.
"Third quarter revenues were stable in North America, which is good news inthe current economy," said Alan Lefkof, president and CEO of Netopia."However, we were disappointed with revenues from Europe which weresignificantly lower than anticipated. Although market conditions remainchallenging, we continue to expand our distribution channels and productofferings through new relationships such as those announced with Jetstreamand Zhone."
During the quarter, Netopia enhanced its broadband gateway and web platformproduct lines.
"Our balance sheet remains healthy. Our cash and short-term investments grewsequentially by $1 million to $51.8 million primarily as a result ofreductions in inventory levels and accounts receivables. We have theproducts, capital, people and management commitment to continue to weathercurrent economic conditions," said Lefkof.
Baker is a respected industry veteran who has more than thirty yearsexperience in the telecommunications hardware and software industry. Mostrecently, he served as vice president and chief financial officer of astartup manufacturer of solid-state storage devices. From 1996 to 2000, Mr.Baker was the vice president and chief financial officer of JPM Company, aninternational manufacturer of equipment for the computer, networking andtelecommunications industries. Previously, Mr. Baker was the vice presidentand chief financial officer for Racotek and Artisoft, and served in seniorfinance positions at Burr-Brown Corporation and CTS Corporation.
"I believe that Netopia has the products, the people and the experience tostrengthen its position as a recognized leader in the rapidly evolvingbroadband market," said Baker.
This news was announced concurrently with Netopia's third quarter fiscalresults for 2001, which showed revenues of $19.0 million, compared to $28.5million for the same period ending June 30 last year.
"Third quarter revenues were stable in North America, which is good news inthe current economy," said Alan Lefkof, president and CEO of Netopia."However, we were disappointed with revenues from Europe which weresignificantly lower than anticipated. Although market conditions remainchallenging, we continue to expand our distribution channels and productofferings through new relationships such as those announced with Jetstreamand Zhone."
During the quarter, Netopia enhanced its broadband gateway and web platformproduct lines.
"Our balance sheet remains healthy. Our cash and short-term investments grewsequentially by $1 million to $51.8 million primarily as a result ofreductions in inventory levels and accounts receivables. We have theproducts, capital, people and management commitment to continue to weathercurrent economic conditions," said Lefkof.
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