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Sunrise Telecom Reports Second Quarter 2011 Results

SAN JOSE, Calif. July 27, 2011 June 30, 2011

$6.4 million $8.9 million $5.5 million $6.0 million $(2.2) million $(0.04) $(0.2) million $(1.7) million $0.0 million June 30, 2010

North America

Bahaa Moukadam

In the second quarter, Sunrise Telecom announced several new RxT modules which represent the first single-platform for mobile backhaul field verification.  TMCLabs has honored the RxT mobile backhaul solution with a 2011 Innovation Award, exemplifying the best and the most unique products and services that this industry has to offer.

Bahaa Moukadam

$1.0 million

About Sunrise Telecom

San Jose, California

www.sunrisetelecom.com

http://www.sunrisetelecom.com [email protected]

Use of Forward-Looking Statements

December 31, 2010 March 31, 2011

Contact:

Lyron Bentovim

Balance Sheet

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

June 30,

December 31,

2011

2010

Assets

Current assets:

Cash and cash equivalents  

$           9,435

$           7,329

Held-to-maturity investments

1,770

1,527

Accounts receivable, net of allowances of $328 and $320, respectively

3,937

9,390

Inventories  

7,253

7,079

Prepaid expenses and other assets  

583

940

Total current assets  

22,978

26,265

Property and equipment, net  

15,307

15,754

Held-to-maturity investments

1,026

Other assets  

655

691

Total assets  

$         38,940

$         43,736

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable  

$           1,281

$           2,049

Other accrued liabilities

4,517

5,416

Income taxes payable  

61

49

Deferred revenue  

226

149

Total current liabilities  

6,085

7,663

Income taxes payable  

1,786

1,805

Other non-current liabilities

179

164

Total liabilities

8,050

9,632

Stockholders’ equity:

Preferred stock, $0.001 par value per share; 10,000,000 shares

authorized, none issued and outstanding

Common stock, $0.001 par value per share; 175,000,000 shares

authorized; 51,295,000 and 51,345,000 shares issued and 51,295,000 and 51,295,000 shares outstanding as of June 30, 2011 and December 31, 2010, respectively

51

51

Treasury stock, 50,000 shares

(22)

Additional paid-in capital  

78,704

78,844

Accumulated deficit

(47,709)

(44,671)

Accumulated other comprehensive loss

(156)

(98)

Total stockholders’ equity  

30,890

34,104

Total liabilities and stockholders’ equity  

$         38,940

$         43,736

Income Statement

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended

June 30,

2011

2010

Net sales

$         6,355

$         8,934

Cost of sales

3,087

3,539

Gross profit

3,268

5,395

Operating expenses:

Research and development

2,259

2,501

Selling and marketing

2,226

2,522

General and administrative

1,009

954

Restructuring charges (reversals)

  Total operating expenses

5,494

5,977

Operating income (loss)

(2,226)

(582)

  Other income (expense), net

71

77

Income (loss) before income taxes

(2,155)

(505)

  Income tax expense

9

(279)

Net loss

$        (2,164)

$          (226)

Net loss per share:

Basic

$         (0.04)

$         (0.00)

Diluted

$         (0.04)

$         (0.00)

Shares used in computing net loss

Basic

51,245

51,345

Diluted

51,245

51,345

SOURCE Sunrise Telecom

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