More Earnings... RBAK beats estimates by 4 cents...
Wednesday October 11 5:06 PM ET
Redback Networks Posts Unexpected Third
Quarter Profit
SUNNYVALE, Calif. (Reuters) - Computer networking systems company
Redback Networks Inc (NasdaqNM:RBAK - news) on Tuesday posted a
third quarter profit that surpassed Wall Street expectations of a loss.
Redback posted pro forma net income of $3.2 million, or 2 cents a share,
compared with a loss of $569,000, or 1 cent, in the year-ago quarter. The
results compared with a consensus analyst estimate for a loss of 2 cents per
share, according to First Call/Thomson Financial.
Including acquisition-related and stock compensation charges, Redback said
the company had a third quarter net loss of $308.1 million, or $2.50 a share,
expanding from a net loss of $1.6 million, or 2 cents a share, for the same
period the prior year.
Net revenues for the third quarter 2000 were $80.6 million, up 291 percent from $20.6 million in 1999. |
