Harmonic Posts Solid 3Q

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Harmonic announced its financial results for its fiscal third quarter, ended Sept. 29.

The provider of digital-video, broadband-optical-networking and Internet-protocol delivery systems said net sales of $62.9 million were up from $61 million in the third quarter of 2005 and from $53.3 million in the previous quarter.

Generally accepted accounting principles net income was $4 million, or $0.05 per diluted share, versus a GAAP net loss of $2.9 million ($0.04) in the year-ago period.

The third-quarter-2006 figure included a net $2.1 million restructuring charge for excess facilities vacated during the period in connection with a plan to make more efficient use of the company's buildings, offset by credits to the excess facilities reserve as a result of entry into subleases for vacated buildings. It also included a noncash charge of $1.2 million for stock-based compensation expense.

“The quarter saw stronger U.S. cable activity, with growing demand for our video-processing, video-on-demand edge and optical-access solutions,” CEO Patrick Harshman said in a prepared statement.

“We also continued to win new international business in the IPTV and satellite markets, driven by our next-generation encoders and video-processing solutions, with new customer announcements in Austria, Germany, Norway, Romania and Spain,” he added.

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