OCPI ($9-$7) P/E 19 Beats by 2 cents, warns for 2001.
Monday July 30, 5:10 pm Eastern Time
Optical's third-quarter profit slips, to cut 110 jobs
CHATSWORTH, Calif., July 30 (Reuters) - Optical Communication Products Inc. (NasdaqNM:OCPI - news), a maker of fiber-optic subsystems and modules, on Monday reported a 6 percent decline in third-quarter profits due to a slowing U.S. economy and said it will cut 110 jobs to in order to curb business costs.
The Chatsworth, California-based company said net income in the quarter ended June 30 was $6.9 million, or 6 cents a diluted share, compared with $7.3 million, or 7 cents a share, in the year-ago quarter.
Earnings in the latest quarter include about $870,000 of interest income, net of related income tax expense, derived from investment of the net proceeds of the company's initial public offering last November.
Total revenues rose to $39.3 million from $28.9 million. For the fourth-quarter the company said it expects revenue to be in the range of $14 million to $18 million.
``Even though the next few quarters will be particularly challenging, we are continuing to invest in our business,'' Muoi van Tran, OCP's chairman and chief executive said in a statement. Optical shares closed up 8.45 percent, or 68 cents, at $8.73 on the Nasdaq market. |
