Stm Wireless

The Irvine provider of communications products reported a loss of $1.1 million, or 16 cents a share, for the second quarter, compared with a profit of $368,000, or 5 cents a share, for the same period last year. Revenue declined 49% to $3.1 million. The company attributed the poorer results to its inability to ship products to customers. The problems have been corrected, STM said.

STM Wireless Inc. filed for bankruptcy protection and agreed to be bought by an investment firm that intends to take the Irvine-based maker of satellite networking gear private. Sloan Capital Partners agreed to pay $4 million for the assets of STM. In its bankruptcy filing, STM listed assets of $22.7 million and liabilities of $19.9 million. STM shares, which peaked at $20.25 in 1997, fell 19 cents to 3 cents on Nasdaq.

STM Wireless Inc. said it has acquired Telecom International Inc., an Atlanta network systems integrator, in a stock exchange transaction. Terms were not disclosed. Under the terms of the agreement, each share of Telecom stock will be exchanged for a number of shares of STM common stock and Telecom will become a wholly owned subsidiary of STM. Shares of STM, a wireless communications solutions provider, closed Tuesday at $12.50, down 25 cents.

The Irvine communication products company reported a first-quarter net loss of $764,000, or 11 cents a share, compared with net income of $2.5 million, or 33 cents a share, a year ago. The earnings a year ago included an operating credit of $3.2 million and a nonoperating gain of $600,000. The $600,000 gain was from disposing an affiliate. Revenue rose 63% to $6.2 million.

STM Wireless Inc. said it has received a $5.4-million contract from Bolivia's sole long-distance provider, Entel S.A., to supply 550 solar-powered telephone terminals. STM, an Irvine manufacturer of communications equipment for satellite telephone and data systems, said it expects more than half the solar phone sites to be in service by the end of the year.

STM Wireless Inc. said Tuesday that it has received a $500,000 contract from Niobrara Research & Development Corp. for its SpaceWeb online broadband Internet access technology. STM, an Irvine satellite communications software company, said the network for the Missouri, Kan., industrial communication equipment maker will target broadband corporate customers in North and Central America with two-way satellite Internet access.

Irvine-based STM Wireless Inc. said Friday it has reached an agreement with its lender to extend the loan on which the company had defaulted. STM said it has established "the framework" for repaying $9 million to Wells Fargo HSBC Trade Bank. STM's credit arrangement with the bank expired April 1, prompting the lender to threaten foreclosure.

STM Wireless Inc. said Thursday it has received a $1-million contract from Golden Health Network of China, and will provide voice, data and video conferencing to 20 hospitals there.

STM Wireless Inc. said it has sold $2.8 million of networking equipment to Thailand's Samart Telcoms. STM Wireless said its equipment will be used to link a banking network, a voice and video network, and to monitor and control oil wells and pipelines throughout the country. Samart Telcoms, a unit of Samart Corp., provides satellite communications services in Thailand. STM Wireless makes wireless communications products.

STM Wireless Inc. filed for bankruptcy protection and agreed to be bought by an investment firm that intends to take the Irvine-based maker of satellite networking gear private. Sloan Capital Partners agreed to pay $4 million for the assets of STM. In its bankruptcy filing, STM listed assets of $22.7 million and liabilities of $19.9 million. STM shares, which peaked at $20.25 in 1997, fell 19 cents to 3 cents on Nasdaq.

Shares of STM Wireless Inc. jumped 51% after the Irvine maker of satellite communications networks said Monday that it had earned a patent for a new technology that will reduce the cost of broadband communications via satellite. STM's stock gained $2.63 to close at $7.81 a share in heavy Nasdaq trading. During the day, the price hit as high as $9.69 a share before settling back. More than 2.

STM Wireless Inc. said Friday that it is negotiating, along with a Peruvian telecommunications company, to install telephones in more than 2,000 locations in that nation. The Irvine company said it and CIFSA Telecom S.A. will receive about $28 million in subsidies from a Peruvian government telecommunications authority to complete the project in 18 months. Contract negotiations with the agency are expected to be wrapped up within 60 days, said STM, a provider of wireless communications

STM Wireless Inc., an Irvine maker of satellite communications networking products, said Wednesday that it has been awarded an order by Indonesia's largest Internet service provider for a broad-band network. STM said in a press release that the initial order under the contract with PT Primacom Interbuana is valued at $2.5 million. The order calls for the immediate delivery of two network hubs to be located in Indonesia and Singapore.

Pequot Capital Management Inc., a Westport, Conn., investment advisor, has reduced its stake in STM Wireless Inc. to just under 6% from 8.1%, according to a report filed Tuesday with the Securities and Exchange Commission. Pequot sold 145,429 common shares on March 13 and 14 at prices ranging from $12 to $13.44 a share, and currently holds 426,000 shares of the Irvine provider of satellite communications networks. STM's stock closed at $9.75, down 63 cents a share, in Nasdaq trading.

Frank T. Connors, vice chairman and acting president of STM Wireless Inc., becomes chairman of the Irvine provider of communications products. Chief Executive Emil Youssefzadeh takes on the additional title of president. The vice chairman's position has been eliminated. STM Wireless also said it named a new director, Claude Burgio, who is chairman and chief executive of Direc-To-Phone International Inc., recently renamed SkyOnline Inc.