Semi-OT:Antec Sees FY01 Stand-alone Net $1-$1.10/Diluted Shr
Dow Jones Newswires
DULUTH, Ga. -- Antec Corp. (ANTC) expects standalone 2001 earnings of $1 to $1.10 a diluted share, on revenue of $1.2 billion to $1.3 billion. Standalone earnings are for Antec only and do not take into account the company's proposed merger with Arris Interactive LLP.
A First Call/Thomson Financial survey of seven analysts estimates the company will earn $1.30 a share in 2001.
In a press release Wednesday, Antec said 2000 cash earnings including the merger would be $1 to $1.10 a diluted share, on pro forma revenue of $1.3 billion to $1.4 billion.
For 2001, Antec and Arris expect the combined company to have cash earnings of $1.10 to $1.20 a diluted share on pro forma revenue of $1.6 billion to $1.7 billion.
At these levels, the transaction is expected to add modestly to earnings compared with standalone results in each year.
As reported, Antec agreed to acquire Nortel's 81.25% stake in Arris for $325 million in cash and $33 million shares of common stock. Antec currently owns 18.75% of Arris. The transaction is expected to close in the first quarter 2001.
Antec said it is basing its outlook for 2001 on a reduction in industry capital expenditure growth to 20% levels from 30% to 35% levels.
Also, customers are concentrating on products that are revenue generating rather than general system upgrades.
In 1999, Antec reported net income of $29.5 million excluding items, or 76 cents a diluted share, on sales of $826.6 million
FWIW,Jim |
