Copper Mountain first-quarter profit up 26-fold
By Deborah Adamson, CBS MarketWatch
Last Update: 5:03 PM ET Apr 18, 2000 Also: NewsWatch
PALO ALTO, Calif. (CBS.MW) -- Copper Mountain Networks on Tuesday reported a 26-fold increase in first-quarter profit, as demand for high-speed Internet access soared.
The provider of digital subscriber line technology (CMTN: news, msgs) reported profit before special items of $11.3 million, or 20 cents a share, compared with profit not including extraordinary items of $409,000, or 1 cent a share, a year ago. Analysts polled by First Call expected profits of 12 cents a share in the most recent quarter.
Revenue was $60.8 million vs. $13.2 million.
The first quarter recorded $6.3 million in charges for the write-off of in-process research and development costs, $1.9 million in amortization of purchased intangibles and $100,000 in amortization of deferred compensation related to the purchase of OnPrem Networks. The quarter also had a $7.7 million gain due to a decrease in the company's deferred tax asset valuation allowance.
Last year's quarter incurred $1.7 million of stock based compensation charges.
Including all the charges and gains, Copper Mountain had a net income of $13.7 million, or 24 cents a share, compared with a net loss of $1 million, or 3 cents a share, a year ago.
Shares of Copper Mountain were up 10 7/16, or 18 percent, to 68 5/16, ahead of the news. |
