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Thursday , Oct 30, 1997 Sun-Thu at 18:00 (GMT+3)
Headlines
Orckit: First Profitable Quarter
By Amir Eisenberg
Orckit reported today (Thursday) that it wound up the third quarter of
1997 with a net profit of $110,000 ($0.01 per share), a little higher
than the general profit consensus reached by analysts, which expected
the company to end the quarter at break-even point.
Orckit's activity is seasonal, a fact that is reflected in its financial
results. Second and third quarter profits tend to be similar, while
sales increase significantly in the fourth quarter.
Orckit's Q3 '97 sales fell to $7.2 million, compared to $7.7 million in
the second quarter. In the third quarter of 1996, sales amounted to $2.8
million.
Despite the decrease in revenues, Orckit passed to a profit in the third
quarter thanks to an improvement in gross profit, which was up to 38.1%.
Orckit, which develops and manufactures fast modems for local networks,
has been presenting an improvement in gross profitability for the past
four quarters.
In the first nine months of 1997, Orckit lost $680,000 ($0.05 per
share), compared to a loss of $2.2 million ($0.18 per share) in the
corresponding period last year. Its revenues for the period amounted to
$20.1 million, compared to $7.9 million in the corresponding period of
1996.
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