ARRS Cash Flow Positive and will return to profitable first Q of 2002
Arris reports 3rd qtr loss, deal with Solectron
DULUTH, Ga., Oct 23 (Reuters) - Arris Group Inc. (NasdaqNM:ARRS - news) said on Tuesday its third quarter revenues were in line with expectations but posted a large loss on one-time items, including restructuring and acquisition costs.
Duluth, Georgia-based Arris said it had a loss of $132.5 million, or $2.13 a share, compared with earnings of $5.9 million, or 15 cents a share, in the year-earlier period. On a pro forma basis, excluding one-time items, Arris reported a loss of $7.4 million, or 12 cents a share.
The consensus estimate of five brokers surveyed by Thomson Financial/First Call was for a loss of 12 cents, with a range of a loss of 10 cents to 16 cents.
Revenues fell to $174.2 million from $281.4 million in the same period last year.
Arris also said it will outsource some manufacturing to Solectron Corp. (NYSE:SLR - news), the world's largest contract manufacturer. Arris said it will close plants in El Paso, Texas, and Juarez, Mexico after the deal closes. |
