Ortel Indicates Stronger Than Expected Second-Quarter Results to be Reported; Company Returning to Profitability
Business Wire - October 11, 1999 17:56
ALHAMBRA, Calif.--(BUSINESS WIRE)--Oct. 11, 1999--Ortel Corp. (Nasdaq:ORTL) today said that it expects to report revenues and earnings for the second quarter ending Oct. 31, 1999, that will be ahead of the company's previous expectations and above current consensus earnings estimates as reported by First Call.
The company indicated that, based on current orders, revenues for the second quarter would exceed $19.0 million, returning the company to profitability earlier than anticipated. Earnings per share for the quarter could approach $0.02.
A year ago, Ortel's second fiscal quarter revenues were $17.7 million, income from continuing operations totaled $0.07 per diluted share, and total net losses were $0.37 per diluted share. In the first quarter of the current fiscal year, Ortel reported revenues of $17.7 million; losses from continuing operations of $0.02 per diluted share, excluding special charges of $4 million, and net losses totaling $0.68 per diluted share.
"We are returning to profitability sooner than anticipated for a number of reasons, most notably the strength of our sales in the 1310nm market, across-the-board Ortel improvements in our manufacturing processes, cycle times and productivity gains," said Stephen R. Rizzone, president, chief executive officer and chairman of the board.
"Our growth outlook is further bolstered by the progress that we are achieving in developing leap frog, best-of-breed technology solutions for the broadband, data and telecom markets."
Ortel will announce complete results for the current second quarter on Tuesday, Nov. 23, 1999.
Ortel is a bandwidth-enabling company that designs, manufactures and supplies advanced solutions to original equipment manufacturers for the transmission of video, voice and data. The company applies its core technology strengths in semiconductor optoelectronics, fiber optic transmission and radio-frequency electronics to enhance capacity, increase bandwidth, facilitate Internet access, improve quality and lower costs for broadband cable television networks, as well as for satellite and telecommunications applications.
The company has headquarters in Alhambra, and international operations in Germany, France, Singapore and China. For more information, visit Ortel's Web site at ortel.com.
This news release contains forward-looking statements regarding Ortel's results of operations or financial condition. Factors that could cause actual results to differ materially include changes in the capital spending of CATV operators, changes in customer order patterns, introductions of new products by competitors, and other risks identified from time to time in the company's SEC filings.
CONTACT: Ortel Corp., Alhambra
Sally Cholko, 626/293-3643, Investor Relations
scholko@ortel.com
or
Pondel/Wilkinson Group
Cecilia A. Wilkinson/E. E. Wang, 310/207-9300
investor@pondel.com
|
