Eagle Broadband Reports 10Q Results For February 28, 2001

"Eagle Reports Significant Revenue And Asset Growth"



Apr 16, 2001, 01:00 ET from Eagle Broadband

    LEAGUE CITY, Texas, April 16 /PRNewswire/ -- Eagle Broadband (Amex:   EAG)
 announced today that the company will release the financial results for its
 second quarter ended February 28, 2001 later this week and will file these
 results in the form of a 10Q with the Securities and Exchange Commission.
 These financial results indicate a very significant improvement in the
 company's overall financial condition as compared to the same period last
 year, including total assets, revenues, shareholders' equity and capital.
     Sales for the three-month period ended February 28, 2001, totaled
 $4,797,000 -- up $3,550,000 or 285% for the same period last fiscal year. This
 significant increase in sales is particularly striking in view of the fact
 that the company's current quarterly report contains only twenty-eight days of
 combined revenues from the recent ClearWorks merger that was completed on
 January 31, 2001. The increase in sales can be attributed in part to sales in
 Eagle Broadband's set-top box product line, as well as the continuing sales of
 cable and fiber optic "last mile" installation services from atlanticpacific
 during the reporting period. In addition, Eagle's sales of wireless
 infrastructure products have remained strong throughout the current quarter.
 An audit of ClearWorks.net has recently been filed by Eagle with the SEC under
 a form 8K for the year ended December 31, 2000 and reports ClearWorks revenues
 of approximately $29,300,000 for that period, with $21,700,000 of this revenue
 occurring in the second half of the year.
     Eagle Broadband's quarterly net earnings for the quarter totaled
 $(1,280,000). This decrease in earnings, as compared to the same period last
 year, was primarily due to the costs associated with the ClearWorks merger, as
 well as fairly significant investments in the infrastructure required to
 implement the expansion of the company's Bundled Digital Services to new
 communities.
     As of February 28, 2001, cash and cash equivalents increased to
 $27,311,000, receivables increased to $10,473,000, total assets to
 $184,526,000 and shareholders' equity increased to $165,797,000. The company
 had working capital of $36,813,000 and total long-term liabilities of
 $324,000.
     Dr. H. Dean Cubley, President and CEO of Eagle Broadband, commented on the
 results saying,
     "During the three months ended February 28, 2001, the company's primary
 operations concentrated on the ongoing development of the company's series of
 advanced set-top boxes and the sales and marketing of set-top box products,
 wireless infrastructure products, cabling, multi-media devices and high-
 definition television products. In addition, the company completed its merger
 with ClearWorks.net during this time period and began the process of share
 exchange with the ClearWorks shareholders."
     Dr. Cubley went on to note that as a result of the ClearWorks merger, the
 company was reorganized into a corporate holding company operating under the
 name of Eagle Broadband, with seven separate private subsidiaries providing a
 variety of diversified, yet complementary, broadband products and services.
 During this reorganization, both United Computing Group and Link Two were
 moved from under the ClearWorks corporate umbrella and positioned as direct
 subsidiaries of Eagle. This move will allow ClearWorks to focus all of its
 attention and resources on developing its Home Systems and Bundled Digital
 Services offerings.
 
     About Eagle Broadband
     Eagle Broadband (d/b/a for Eagle Wireless International, Inc., and its
 subsidiaries) is a leading suppliers of broadband wired and wireless products
 and services, including advanced set-top boxes, one- and two-way wireless
 messaging equipment, specialized mobile radio products and remote data
 acquisition and meter reading systems. With Eagle's recent merger with
 ClearWorks.net, the company has also become one of the leading providers of
 Fiber-to-the-Home (FTTH) for neighborhoods and businesses utilizing the
 company's Bundled Digital Services (BDS). These services include high-speed
 Internet connectivity, dial tone, digital multi-channel video, a community
 Intranet and other digital services. The company is headquartered in League
 City, Texas, south of Houston, near the NASA Johnson Space Center. Further
 news updates on Eagle, its products and services are available at
 www.eaglebroadband.com, www.eglw.com, www.broadbandmagic.com,
 www.atlanticpacific.net, www.etoolz.com, www.clearworks.net and
 www.nfnonline.com/eglw.
     Forward-looking statements in this release are made pursuant to the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995.
 Investors are cautioned that such forward-looking statements involve risks and
 uncertainties, including, without limitation, continued acceptance of the
 Company's products, increased levels of competition, new products and
 technological changes, the Company's dependence upon third-party suppliers,
 intellectual property rights, and other risks detailed from time to time in
 the Company's periodic reports filed with the Securities and Exchange
 Commission.
 
     Clareen O'Quinn
     Investor Relations
     Eagle Broadband
     800-628-3910
     281-538-6000
     coquinn@eglw.com
 
     Susan Ladue
     Investor Relations
     National Financial Network
     800-649-0983
     760-931-9211
     susan@nfnonline.com
 
 

SOURCE Eagle Broadband
    LEAGUE CITY, Texas, April 16 /PRNewswire/ -- Eagle Broadband (Amex:   EAG)
 announced today that the company will release the financial results for its
 second quarter ended February 28, 2001 later this week and will file these
 results in the form of a 10Q with the Securities and Exchange Commission.
 These financial results indicate a very significant improvement in the
 company's overall financial condition as compared to the same period last
 year, including total assets, revenues, shareholders' equity and capital.
     Sales for the three-month period ended February 28, 2001, totaled
 $4,797,000 -- up $3,550,000 or 285% for the same period last fiscal year. This
 significant increase in sales is particularly striking in view of the fact
 that the company's current quarterly report contains only twenty-eight days of
 combined revenues from the recent ClearWorks merger that was completed on
 January 31, 2001. The increase in sales can be attributed in part to sales in
 Eagle Broadband's set-top box product line, as well as the continuing sales of
 cable and fiber optic "last mile" installation services from atlanticpacific
 during the reporting period. In addition, Eagle's sales of wireless
 infrastructure products have remained strong throughout the current quarter.
 An audit of ClearWorks.net has recently been filed by Eagle with the SEC under
 a form 8K for the year ended December 31, 2000 and reports ClearWorks revenues
 of approximately $29,300,000 for that period, with $21,700,000 of this revenue
 occurring in the second half of the year.
     Eagle Broadband's quarterly net earnings for the quarter totaled
 $(1,280,000). This decrease in earnings, as compared to the same period last
 year, was primarily due to the costs associated with the ClearWorks merger, as
 well as fairly significant investments in the infrastructure required to
 implement the expansion of the company's Bundled Digital Services to new
 communities.
     As of February 28, 2001, cash and cash equivalents increased to
 $27,311,000, receivables increased to $10,473,000, total assets to
 $184,526,000 and shareholders' equity increased to $165,797,000. The company
 had working capital of $36,813,000 and total long-term liabilities of
 $324,000.
     Dr. H. Dean Cubley, President and CEO of Eagle Broadband, commented on the
 results saying,
     "During the three months ended February 28, 2001, the company's primary
 operations concentrated on the ongoing development of the company's series of
 advanced set-top boxes and the sales and marketing of set-top box products,
 wireless infrastructure products, cabling, multi-media devices and high-
 definition television products. In addition, the company completed its merger
 with ClearWorks.net during this time period and began the process of share
 exchange with the ClearWorks shareholders."
     Dr. Cubley went on to note that as a result of the ClearWorks merger, the
 company was reorganized into a corporate holding company operating under the
 name of Eagle Broadband, with seven separate private subsidiaries providing a
 variety of diversified, yet complementary, broadband products and services.
 During this reorganization, both United Computing Group and Link Two were
 moved from under the ClearWorks corporate umbrella and positioned as direct
 subsidiaries of Eagle. This move will allow ClearWorks to focus all of its
 attention and resources on developing its Home Systems and Bundled Digital
 Services offerings.
 
     About Eagle Broadband
     Eagle Broadband (d/b/a for Eagle Wireless International, Inc., and its
 subsidiaries) is a leading suppliers of broadband wired and wireless products
 and services, including advanced set-top boxes, one- and two-way wireless
 messaging equipment, specialized mobile radio products and remote data
 acquisition and meter reading systems. With Eagle's recent merger with
 ClearWorks.net, the company has also become one of the leading providers of
 Fiber-to-the-Home (FTTH) for neighborhoods and businesses utilizing the
 company's Bundled Digital Services (BDS). These services include high-speed
 Internet connectivity, dial tone, digital multi-channel video, a community
 Intranet and other digital services. The company is headquartered in League
 City, Texas, south of Houston, near the NASA Johnson Space Center. Further
 news updates on Eagle, its products and services are available at
 www.eaglebroadband.com, www.eglw.com, www.broadbandmagic.com,
 www.atlanticpacific.net, www.etoolz.com, www.clearworks.net and
 www.nfnonline.com/eglw.
     Forward-looking statements in this release are made pursuant to the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995.
 Investors are cautioned that such forward-looking statements involve risks and
 uncertainties, including, without limitation, continued acceptance of the
 Company's products, increased levels of competition, new products and
 technological changes, the Company's dependence upon third-party suppliers,
 intellectual property rights, and other risks detailed from time to time in
 the Company's periodic reports filed with the Securities and Exchange
 Commission.
 
     Clareen O'Quinn
     Investor Relations
     Eagle Broadband
     800-628-3910
     281-538-6000
     coquinn@eglw.com
 
     Susan Ladue
     Investor Relations
     National Financial Network
     800-649-0983
     760-931-9211
     susan@nfnonline.com
 
 SOURCE  Eagle Broadband