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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (334)10/17/2000 6:44:58 PM
From: 2MAR$  Read Replies (1) of 762
 
CMTN ..Falls off the Mountain (gets halved to $12 a/h) ;-)

PALO ALTO (CBS.MW) - Copper Mountain shares lost almost half of their value in after-hours trading Tuesday after the company said fourth quarter profit would be below analyst estimates because of weakness among its client base of local phone carriers.

The company lowered its earnings estimates to 4 cents a share to 6 cents a share for the fourth quarter. Analysts surveyed by First Call had been expecting earnings of 28 cents a share.

The DSL provider did have good news for the third quarter, however. It posted earnings of 27 cents a share, a penny better than the consensus analyst estimate, on revenue of $93 million. The company earned 9 cents a share on revenue of $32 million during the comparable period last year.

In a statement, CEO Rick Gilbert said, "In light of recent reductions in capital expenditure forecasts from many of our competitive local exchange carrier customers, we expect revenues and earnings to decline in the fourth quarter of 2000 on a sequential basis."

For 2001, the company anticpates revenues between $300 million and $330 million.

Shares of Copper Mountain (CMTN: news, msgs) plunged $13.25, or 49 percent, to $13.63 in after-hours trading, after closing down $3.75 at $26.88 in normal trading hours Tuesday.
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