Tut Systems, how'd you get so funky?

Filed in archive IPTV on July 28, 2005

Oregon based, IPTV technology provider, Tut Systems, has raised $14.9 million via the sale of common stock and warrants to institutional investors.

"This financing provides Tut Systems with a fully funded business plan, which we believe will enable us to turn cash flow positive in the second half of 2006," Tut chairman, president and CEO, Sal D'Auria, said. "This funding provides us with the capital to expand our leadership position in our core IPTV markets, and to pursue top tier carrier opportunities around the world with our content video processing and FTTH edge modulation solutions. We are excited about the emerging opportunities in the IPTV market space and the confidence that our new investors have placed in Tut Systems."

Tut also released their second quarter results for 2005:

* Revenue for the quarter ended June 30, 2005, was $9.7 million compared with revenue of $5.1 million for the quarter ended June 30, 2004.

* Net loss for the three months ended June 30, 2005, was $(4.5) million or $(0.17) per basic and diluted share. This compares with the net loss for the three months ended June 30, 2004, of $(3.6) million or $(0.18) per basic and diluted share.