Etek Dynamics 3rd-qtr results top forecasts
biz.yahoo.com
PALO ALTO, Calif., April 11 (Reuters) - E-TEK Dynamics Inc. (NasdaqNM:ETEK - news), a maker of gear for fiberoptic networks, on Tuesday reported fiscal third-quarter operating results that topped analyst forecasts as sales rose 83 percent.
The company said that before one-time items, the San Jose, Calif.-based firm had a profit of $17.3 million, or 24 cents a share, compared with pro forma net income of $8.7 million, or 14 cents a year ago.
On that basis, E-TEK topped analyst expectations of 21 cents a share, according to First Call/Thomson Financial.
Net income on an as-reported basis was $12.1 million, or 17 cents a share, compared with $8.7 million, or 14 cents, a year ago. There were no unusual items in the year-ago period.
In January, JDS Uniphase Corp. of Canada, the biggest maker of fiber-optic equipment, agreed to buy rival E-TEK Dynamics for what was then valued at about $15 billion in stock.
At the time, the companies said the merger was driven by the rapid growth of the telecoms industry and the need of increasing amounts of capacity on voice and data networks.
JDS has been snapping up a number of companies in the six months, including its April 4 announcement that it would buy privately held Cronos Integrated Microsystems Inc. for $750 million in stock.
E-TEK shares fell 14 to 186- 1/2 on the Nasdaq. |
