The action follows the company's first-quarter results showing a loss of $19 million or a loss of 55 cents a diluted share on revenue of $7.5 million.
That compares with a loss of $10.9 million or a loss of 45 cents a share on sales of $3.5 million in the comparable 2000 period. Revenue increased 115%. Triton manufactures wireless broadband communications systems used in high-rise office towers.
Thompson Financial/First Call analysts had predicted a first-quarter loss of 25 cents a share. The company's stock is trading at $1.21 per share.
Triton officials say a $65 million cash reserve will fund operations for at least two more years.
"The good news is that Triton has substantial cash reserves to weather the storm," Skip Speaks, Triton's CEO, says in a prepared statement. "We are continuing to aggressively pursue new customers to enhance our revenue stream as well as providing high-quality support to our existing customers."
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