E-Tek Dynamics 2nd-Qtr Net Rises 35% as Sales Climb to Record
E-Tek Dynamics 2nd-Qtr Net Rises 35% as Sales Climb to Record
San Jose, California, Jan. 11 (Bloomberg) -- E-Tek Dynamics
Inc., which makes parts used to boost capacity and signals on
fiber-optic communications networks, said earnings in its fiscal
second quarter rose 35 percent as sales climbed to a record.
Net income for the quarter ended Jan. 1 rose to $9.2
million, or 13 cents a share, from $6.8 million, or 11 cents, in
the year-earlier period. Sales increased 87 percent to $72.5
million from $38.7 million.
E-Tek's products are used in equipment made by Alcatel SA,
Nortel Networks Corp. and Fujitsu Ltd., which are buying more to
meet demand from phone companies. The company's shares have more
than quadrupled in the past year on demand for wave-division
multiplexers that boost capacity on fiber networks and parts for
amplifiers, which prevent the signals from breaking down.
``This shows how fast the transition is to optical
networks,' said Stephen Koffler, a Schroder & Co analyst, who
expects San Jose, California-based Etek to ``outperform
significantly.'
Excluding the cost of acquisitions, profit rose to $14.4
million, or 20 cents a share. Analysts polled by First
Call/Thomson Financial were expecting a profit of 17 cents,
excluding the costs.
Shares of E-Tek fell 11 3/8 to 121 in Nasdaq Stock Market
trading before the earnings report. They climbed as high as 127
after the report. |
