Terayon Communication Systems Inc. said slower-than-expected cable-modem-termination-system sales are causing the company to lower third-quarter revenue to $37 million, down from its guidance range of $38 million-$41 million.
The company said it expects its generally accepted accounting principles loss per share to be 16 cents-18 cents, which includes a potential write-down of up to $8 million, or 10 cents-11 cents per share. Previous GAAP per-share guidance was in the 2 cent-4 cent range.
New CEO Jerry Chase said the disappointing CMTS sales were "across all geographies. Increased competition, slower deployments by existing customers and difficulty in winning new accounts all contributed to the sales shortfall."