News

New Outlook Boosts C-COR

1/18/2004 7:00 PM Eastern

Shares of C-COR.net rose 7%, or $1.03 per share between Jan. 7 and Jan. 13, after the broadband equipment provider raised its outlook for the fiscal 2004 second quarter and said third-quarter results should meet analysts' estimates.

C-COR.net, which provides broadband communications products and software, said that fiscal second-quarter earnings should be between 11 cents and 14 cents per share for the period ended Dec. 26, excluding the effect of the sale of certain debt claims it had against bankrupt Adelphia Communications Corp. That's up from C-COR.net's October projections that its earnings would be between 4 cents to 7 cents per share.

Revenue is also expected to rise in the second quarter – to between $60 million and $61 million, versus the company's October forecast of $57 million to $60 million.

In its fiscal 2003 second quarter, C-COR.net had a loss of $4.7 million (13 cents per share), on revenue of $54 million.

For the third quarter of fiscal year 2004 ending March 26, C-COR.net believes that the analysts' consensus forecasts of $58 million in revenue and earnings of 6 cents per share are attainable.

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