ANEN 4/25 ( miss! $22 down $16 ) reports flat earnings on wireless market downturn
(UPDATE: adds details in paragraphs 6-9)
SYRACUSE, N.Y., April 24 (Reuters) - Anaren Microwave Inc. (NasdaqNM:ANEN - news), which makes microwave components for wireless and satellite communications, on Tuesday reported flat earnings per share in the third quarter, citing the downturn in the wireless market.
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The company reported net income of $2.7 million, or 12 cents a diluted share, for the quarter ended March 31, compared with $2.2 million, or 12 cents a share, in the year earlier period. Shares outstanding totaled 23.5 million, compared with 18.4 5 million a year ago.
Revenues rose 39 percent to $21.7 million from $15.6 million a year ago. But after adjusting for two recent acquisitions, revenues rose only 1 percent.
Last month, the company warned its earnings would be in a range between 12 and 14 cents a share, compared with the Wall Street consensus estimate at that time of 18 cents a share, as compiled by Thomson Financial/First Call.
``An increasing number of reductions in demand forecasts and delivery push-outs late in February and continuing through the month of March had a severe negative impact on each of our wireless product lines,'' said Anaren Chief Executive Lawrence Sala in a statement.
The company said it cut its workforce as part of an effort to reduce expenses. The company was not immediately available for further comment.
Anaren expects earnings to be in a range of 2 cents to 6 cents a share, compared with a First Call consensus of 12 cents with a range of 11 to 13 cents. It reported earnings of 16 cents a share in the year earlier period.
It expects sales for the fourth quarter to be in a range of $15 million to $17 million, compared with $18.8 million in the fourth quarter of 2000.
Shares closed at $20.80, down 5 percent, or $1.10, in Nasdaq trading. |
