Shares of Entrada Networks (Nasdaq: ESAN) tumbled to an all-time low today, Wednesday, as CEO Dr. Kanwar Chadha issued a public statement to shareholders detailing the breakup of the company and the worst results since it went public in August, 2000 (see Things Getting Grim at Entrada).
At press time the companies shares were trading at $0.11 -- giving it a market cap of $1.21 million.
In a letter to shareholders, Chadha blamed his companys financial troubles on the ongoing downturn in IT spending.
Entradas business includes IP SAN routers and switches, frame relay equipment, and NIC cards (see Entrada Merges With Sync Research). In an effort to curb the decline in revenue, Entrada had already laid off 20 employees and put a freeze on hiring and salary increases in July. But this was not enough to turn the numbers around, according to company officials. The latest actions are a last ditch attempt to brighten Entradas gloomy prospects.
Here are the main points made in Chadha's public statement:
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