Straight Path Communications (STRP) Posts Wider than Expected Q1 Loss

Straight Path Communications (NYSE: STRP) reported Q1 EPS of ($0.34), $0.23 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $200 thousand versus the consensus estimate of $140 thousand.

Davidi Jonas, Chief Executive Officer of Straight Path commented, “I am proud to announce that Straight Path continues to deliver on its strategic objectives and adhere to its mission. We maintain our commitment to operating efficiently in the face of serious challenges. We made progress in several key areas for our businesses:

• The FCC published in the Federal Register its Upper Microwave Flexible Use Report and Order that was adopted on July 14, 2016. The Report and Order adopted many rules in line with Straight Path’s goals and advocacy. Straight Path continued its advocacy by participating in the FCC’s Further Notice of Proposed Rule Making.
• Our Gigabit Mobility Lab in Plano, Texas continues to refine our recently demonstrated prototype 39 GHz Gigarray® 5G transceiver. We expect an outdoor demo in calendar 2017.

The FCC’s mid-November approval of CBNL’s 39 GHz VectaStar 600 PMP radios for commercial use is a significant event that enables us to take next steps with CBNL, including increased marketing and testing, as U.S. wireless operators can now begin to deploy the live radios utilizing our spectrum.
We continue to cooperate with the ongoing FCC investigation.”

Mr. Jonas added, “We have begun attempts at resolution and/or furthering the progress of our IP enforcement actions.”

Mr. Jonas concluded, “We are energized by our progress to date, while still cognizant of the challenges we face. As we look to the future, we hope to continue to deliver on our strategic objectives and generate increased value for our stockholders.”

For earnings history and earnings-related data on Straight Path Communications (STRP) click here.

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