Corvis sees first-quarter revenues flat to down
COLUMBIA, Md., Feb 7 (Reuters) - Corvis Corp. (NasdaqNM:CORV - news), a manufacturer of optical communications systems, on Thursday said it expects to post flat to lower revenues in its current fiscal first quarter, compared with its fiscal fourth quarter.
The company's revenues in its fiscal fourth quarter, ended Dec. 29, totaled $15.2 million, down 67 percent from $46 million a year earlier, reflecting the hard market facing network equipment makers.
Corvis on Thursday posted a widening loss, excluding charges, in its fiscal fourth quarter amid last year's harsh downturn in demand for network gear. Excluding charges, Corvis in its fourth quarter reported a loss of $39.9 million, or a loss of 11 cents a share, compared with a loss, excluding charges, of $23.9 million, or a loss of 7 cents a share, a year ago.
Analysts on average expected Corvis to post a loss excluding charges of 11 cents a share, with individual estimates ranging from 10 cents a share to 13 cents a share, according to research firm Thomson Financial/First Call.
Corvis' fourth-quarter net loss was $374.8 million, or a net loss of $1.05 a share, compared with a net loss of $89.7 million, or a loss of 27 cents a share, a year ago. The company's shares, which have lost 91.3 percent of their value over the past 52 weeks, closed on Thursday at $1.61, down 5 cents or 3 percent. The shares slipped in after hours trade to $1.45. |
