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Digital Lightwave's gains may be too little, too late
The company, however, says it needs money.
By Times Staff Writer
Published August 23, 2007
Beleaguered Digital Lightwave Inc. said Wednesday it is starting to repay its debts to founder Bryan Zwan's Optel Capital. That's $225,000 down; $33.5-million to go. "Over the last year, we have broadened our product offerings, increased our marketing efforts and restructured the company," president Ted Myers said in a company statement. "These efforts have yielded improved financial results." In the last quarter, the Clearwater company boosted its sales 70 percent, to $3.4-million, and trimmed its net loss to a mere $457,000 from $4.9-million. But it's doubtful shareholders are doing much celebrating. In an SEC filing last week, Digital said it is talking to Optel about additional loans. "If the company does not reach an agreement to obtain additional financing from Optel, it will be unable to meet the obligations to Optel and our other creditors." The filing notes that creditors could force it into bankruptcy or it could file voluntarily. Myers could not be reached for comment. Digital's stock, briefly a tech darling selling for as much as $150 a share, now trades for about 15 cents a share on the Over the Counter Bulletin Board.
[Last modified August 22, 2007, 22:56:37]
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