ADC, C-COR Close Financial-Loss Gaps
By Matt Stump -- Multichannel News, 8/21/2003 7:19:00 AM
C-COR.net Corp.’s net sales for its fiscal quarter ending June 27 reached $52 million, a slight gain from the third quarter's $50.1 million but substantially off the year-ago figure of $69.2 million.
But the company narrowed its let loss from $37.2 million last year to $13.3 million this year. Most of the net loss was attributed to a $6 million goodwill-impairment charge and $4.6 million related to purchase-accounting adjustments related to its acquisition of Philips Broadband Networks.
C-COR said it expects flat revenue growth for the current quarter, with estimates falling between $52 million-$54 million.
ADC Telecommunications Inc. reported similar results for its third quarter ending July 31. New sales were $188.5 million, a slight drop from the second quarter's $192 million but a substantial drop from the year-ago figure of $231 million.
Still, the company cut its operating losses to $1.2 million in the quarter compared with $77.2 million in the year-ago period.
Sales in its broadband-infrastructure group ($112.6 million) mirrored the company's overall numbers, with a slight drop sequentially from $120 million but a big drop from last year's quarterly revenue total of $153 million.
The company said it is making cost cuts in order to break even on expected quarterly revenue of $180 million-$190 million going forward.
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