Floware Wireless Systems

(Nasdaq:FLRE) today reported meteoric growth of 560% in its first-quarter revenues.

For the first quarter of 2001 the company booked revenues of $20.3 million, compared with $3.1 million in the comparable quarter of 2000.

Compared with the fourth quarter of 2000, revenues grew by 16%.

The company's gross profit increased by thousands of percent against the parallel to $6 million, compared with $35,000 in the first quarter of 2000. Gross profit increased by 56% compared with the fourth quarter of 2000.

Gross profit comprised 29% of sales in the first quarter of 2001, against 1% in the parallel and 22% in the fourth quarter.

The company reported a pro-forma loss, excluding $1,042,000 in amortization of deferred stock compensation, of $1.4 million or 4 cents per share, compared with a pro-forma net loss pf $3.1 million in the parallel or 12 cents per share. Its pro-forma loss in the fourth quarter was $1.9 million, or 6 cents per share.