look at FNSR...they did great in this environment.....Finisar turns in results, buys Marlow
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 6:19 PM ET Feb 20, 2001
NewsWatch
Latest headlines
Get Alerted
SUNNYVALE, Calif. (CBS.MW) -- Finisar Corp. met its third-quarter
expectations and said it would acquire Marlow Industries for $300 million.
Fiber-optic firm Finisar said Marlow Industries would merge with a wholly
owned subsidiary of Finisar and Marlow's stockholders would get $30
million in cash and Finisar shares worth $270 million.
The acquisition is expected to close in the second quarter of 2001.
Shares (FNSR: news,
msgs) closed down
$1.94, or 9.7 percent,
at $18.06.
Marlow, a privately
held firm based in
Dallas, focuses on
the design and
manufacture of
thermoelectric
coolers for telecom companies and other technology dependent industries.
As for quarterly results, Finisar reported pro forma net income of $8.9
million, or 5 cents per share, compared with $2.1 million, or 1 cent per
share, a year-earlier.
The company was expected to earn 5 cents per share, according to analysts
surveyed by First Call/Thomson Financial.
Revenue was $64.8 million compared with $16.5 million during the same
quarter last year. |
