Strong Quarter Boosts C-COR Shares - Multichannel

Strong Quarter Boosts C-COR Shares

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C-COR.net gained nearly $1 per share (13%) in the three days leading to Oct. 15, after the cable-equipment maker said it achieved profitability and generated cash from operations in the fiscal first quarter, beating earlier guidance.

Sales in the fiscal first quarter were about $56 million, beating earlier company estimates of $52 million to $54 million. The results also were about 24% ahead of 2002 first-quarter sales of $45 million.

C-COR.net said the analyst consensus for the fiscal first quarter, ended Sept. 26, was a loss of 5 cents per share. In the first quarter last year, C-COR.net reported a loss of 13 cents per share. In August, C-COR.net had said it expected a first-quarter loss of 5 cents to 9 cents per share.

C-COR.net issued new guidance at its annual shareholders meeting in State College, Pa., on Oct. 14. Full fiscal first-quarter results are due Oct. 23.

C-COR.net ticked up 77 cents, to $7.78, on Oct. 14, the day of the announcement, and continued to rise to $7.97 on Oct. 15.

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