C-COR Wraps Up Strong Fiscal Year

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C-COR Inc. reported its fourth-quarter and fiscal-year-2004 results Thursday.

Net sales for the fourth quarter ended June 25 were $64.2 million, compared with $52 million for the year-ago period and $58.4 million in the third quarter of fiscal-year 2004. Net sales for the entire fiscal year rose to $240.9 million from $200.7 million in fiscal-year 2003.

Fourth-quarter net income was $4.6 million, or 11 cents per share, versus a net loss of $13 million (36 cents) in the prior-year period. For the full year, the vendor’s net income was $44.2 million, or $1.14 per basic share ($1.10 on a diluted basis), compared with a net loss of $139.6 million ($3.84, both basic and diluted) the previous year.

“Along with posting solid current results, we have maintained our focus on the future by investing in three strategic acquisitions that add product lines to the company’s portfolio,” chairman and CEO David Woodle said in a prepared statement.

“While we expect these investments to add to earnings in the long term, our earnings forecast for the next quarter reflects increased operating expenses and integration costs associated with the acquisitions,” he added. “We expect the integration of these acquisitions to be substantially completed by the end of calendar-year 2004.”

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