Technology

C-COR Reports 1Q Earnings

10/26/2006 10:15 AM Eastern

For the first quarter of fiscal year 2007 (ended Sept. 29), C-COR reported net sales of $69.6 million, a climb from $63.5 million for the same period last year.

Bookings for the first quarter were $72.2 million for a book-to-bill ratio of 1.04.

The company’s net income for the first quarter was $1.6 million, compared with a net loss of $14.8 million for the same period last year. Net income per share on a basic and diluted basis for the first quarter was $0.03 compared with basic and diluted net loss per share of $0.31 for the same period last year.

C-COR's results for the first quarter also included $829,000 of amortization related to intangible assets, $400,000 of restructuring charges, a $245,000 loss related to the sale of a product line and $1.1 million of stock-compensation expense.

The company anticipates net sales for the second quarter of fiscal year 2007 (ending Dec. 29) to be $68.5 million-$72.5 million, with net earnings per share of $0.03-$0.07. These projections include $829,000 of amortization related to intangible assets, $650,000 of stock-compensation expense and approximately $250,000 of restructuring charges.