SYMM Technical --- meet Fundamentals for a promising play.
SYMM was one of the earnings plays for January.
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Symmetricom raises Q3, FY '01 earnings estimates
SAN JOSE, Calif., Jan 18 (Reuters) - Symmetricom Inc. (NasdaqNM:SYMM - news), which makes voice and data network synchronization and timing products, on Thursday reported higher fiscal second quarter earnings and raised its earnings projections for the full fiscal year.
The company said net sales in its second quarter ended December 2000 rose 66 percent to $38.1 million from $23.0 million in the year-earlier quarter while net income rose to $13.6 million, or 54 cents a diluted share, compared with a net loss of $7.4 million, or 33 cents a share, in the same quarter last year.
Symmetricom said it expects continued good demand from its wireline and access businesses to boost its results for the remainder of the fiscal year.
The company said it now expects revenues for the year to be between $150 and $160 million and net income to be between $26 million and $31 million, or $1.02 to $1.22 a diluted share,
For the fiscal third quarter, Symmetricon projected earnings per share of 16-18 cents on revenue of $39 million to $40 million.
DSL providers were among the hardest hit in last year’s telecom meltdown. While many continue to tout the technology, the providers themselves have been ridiculed for the dismal service they provide—and this only to those fortunate enough to live in areas that get the service in the first place. Symmetricom, Inc. has made progress in solving one of the industry’s major problems. With its GoLong product currently under trial, the company expects to nearly double the size of broadband service areas, enabling telecom companies to reach a much larger market at sustained levels of service. Interestingly, this is only a side project as the company’s core business lies in products used to synchronize the flow of data on telecommunication networks. Business appears to be strong; the company recently announced that 2Q revenues and earnings would exceed estimates. In a show of support, insiders have subtly added to their positions: from October 23 to November 30, four insiders purchased a combined 28,500 shares at $10.50 to $12.94 per share. |
