Network Associates posts Q1 loss
Company sees return to profitability in second half
By Jenny Spitz, CBS.MarketWatch.com
Last Update: 6:32 PM ET Apr 19, 2001
SANTA CLARA, Calif. (CBS.MW) -- Computer network and software products maker Network Associates reported a small-than-expected first-quarter loss and predicted a return to profitability Thursday.
The company posted a loss of $24.3 million, or 17 cents, compared to a profit of $30 million, or 20 cents a share, reported in the year-earlier quarter.
Analysts polled by First Call/Thomson Financial were expecting a loss of 20 cents a share on average.
First-quarter revenue came in at $157.3 million, excluding the company's McAfee.com subsidiary, compared to $204.2 million from the year-ago period.
Network Associates (NETA: news, msgs, alerts) also provided financial outlook for its second quarter and the 2001 fiscal year. In the upcoming quarter, the company said it expects a loss of 3 to 6 cents a share on revenue in a $184 million to $194 million range. The Santa Clara, Calif., firm sees a fiscal-year loss of 12 to 17 cents a share on revenue of $750 million to $780 million.
The company added, based on current expectations of future market conditions, yjsy it expects to return to profitability and be cash-flow positive in the second half of 2001.
Shares of Network Associates closed up $1.00, or 12 percent at $9.27.
Jenny Spitz is headline editor for CBS.MarketWatch.com in San Francisco. |
