TXP announces 61% increase in revenue for Q3
Nov 15, 2007
TXP Corporation (OTCBB: TXPO) announced financial results for the three and nine months ended September 30, 2007.
-- Revenue increased 61% for the three months ended September 30, 2007 compared to the three months ended September 30, 2006
-- Successfully reached interoperability with 14 global GPON Optical Line Terminal (OLT) providers
-- Hired new CFO and appointed two new board members
-- Announced ADTRAN contract for Optical Network Terminals ONT and Retrofit Solutions
-- Announced Tellabs contract for Retrofit Solutions
Michael C. Shores, President and Chief Executive Officer of TXP, commented, "We are pleased to report that all product and services groups at TXP grew at a healthy pace during the third quarter of 2007 resulting in overall revenue growth of 61% to approximately $2.7 million, compared to the third quarter of last year. We believe that we have begun to reap the rewards of our development efforts over the past year, as evidenced by the growth in the number of partnerships we are establishing, the steady stream of innovative products we've introduced, significantly escalating revenue and the increase in new business opportunities. We believe that our ability to provide innovative solutions to high technology companies, exceeding their timing thresholds, is helping us move towards the forefront of the ODM industry."
"Much of the revenue growth in the third quarter was attributable to our prototype services, where our ability to speed our clients' products to market through quick turnaround in prototype, design and pre-production services gives our customers a competitive edge. This group experienced continued growth during the quarter with a 35% increase in revenue versus the third quarter of last year."