Tuesday April 24, 5:33 pm Eastern Time
Avanex meets reduced forecasts, warns on June qtr
FREMONT, Calif., April 24 (Reuters) - Avanex Corp. (NasdaqNM:AVNX - news), which sells
processors that increase the performance of fiber optic networks, reported fiscal third quarter results that
met lowered expectations on Tuesday, but warned that the the telecommunications slowdown would also hurt sales in the current quarter.
Avanex had warned earlier this month that it would miss Wall Street expectations for its fiscal third quarter ended March 31 and said it
would cut 29 percent of its work force as part of a restructuring.
The company reported revenues of $30.3 million in the quarter, in line with its own reduced forecast, and a net loss of $1.6 million, or 3
cents per share, excluding charges for amortization, deferred stock compensations and excess inventory.
The company said that it would take a restructuring charge of between $18 million to $24 million in the current quarter because of its
previously announced job cuts and a write-down on excess facilities and assets.
Avanex said that it expects revenues for the current quarter to fall to near $25 million with a loss per share of between 2 cents and 3 cents.
Analysts had been looking for a loss of 1 cent-per-share on average, according to Thomson Financial/First Call. |
