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RICHARDSON, TX – TXP Corp., ODM for the telecommunications industry, reported first-quarter revenue was $2.5 million, up about 14% year-over-year.
Operating loss was approximately $2.4 million, compared to operating loss of approximately $1.2 million for the first quarter last year. Net loss was approximately $198,000, compared to net loss of approximately $378,000 for the same period in 2007.
Net loss in the first quarter of 2008 and 2007 included a non-cash gain of approximately $2.8 million and $1.1 million, respectively, related to change in fair value of derivative financial instruments.
The company says it increased its customer base to 139 in the first quarter, up from 117 for the same period in 2007.
"We attribute our increase in revenue to the continued strength of our prototype services business, as well as the growth of our retrofit solutions ... During the quarter, we focused heavily on our sales and marketing initiatives within the Optical Network Terminal group. Specifically, we are engaged in active discussions with a number of carriers to utilize our Gigabit Passive Optical Network ONTs for their next-generation Fiber-to-the-Home network. We now have product trials ongoing with over 15 carriers and have received favorable feedback from our partners," said Michael C. Shores, president and CEO of TXP.
Additionally, the company announced it has completed a financing of up to $5.75 million with YA Global Investments, L.P.
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