Vyyo (Nasdaq:VYYO) said Monday its third-quarter net loss widened as revenues fell. The company also said it appointed chairman Davidi Gilo to the additional post of chief executive, replacing John O'Connell, who resigned.
The broadband wireless firm reported a net loss for the third quarter of $11.1 million or 30 cents a share compared to a loss of $9.7 million, or 23 cents, a year-earlier.
On a pro forma basis, excluding charges for inventory, stock compensation and restructuring, for the third quarter, Cupertino, California-based Vyyo posted a loss of $3.6 million, or 10 cents a share, compared to $7.02 million, or 16 cents a share.
Revenues for the quarter fell to $2.9 million from about $4.5 million a year earlier.
Vyyo, which cut 75% of its workforce in September, also said that founder and chairman Davidi Gilo is taking over as chief executive officer.
Michael Corwin has returned to the company as its president and chief operating officer.
John O'Connell, the former CEO, has resigned from that role but will remain in an advisory role to the company.
Vyyo also announced that Eran Pilovsky, Vyyo's CFO, has resigned to pursue other career opportunities.
Vyyo supplies broadband fixed wireless systems to phone companies delivering wireless, high-speed data connections to corporate and household subscribers.