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Technology Stocks : New Focus, Inc. (NUFO)
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To: SemiBull who wrote (431)3/17/2002 7:46:15 PM
From: SemiBull  Read Replies (1) of 475
 
CSFB narrows New Focus loss estimates

NEW YORK (Reuters) - Credit Suisse First Boston on Friday said analyst Max Schuetz narrowed his 2002 and 2003 loss estimates for New Focus Inc. (NasdaqNM:NUFO - news) after the maker of optical components used for testing and design said it would shut down its telecommunications business.

Schuetz said that for 2002 he now expects the company to lose 50 cents a share on revenues of $16.8 million. The previous forecast was a loss of 64 cents a share on revenue of $23.3 million.

For 2003, Schuetz said he expects the company to post a loss of 19 cents a share on revenue of $24.4 million. The previous estimate was a loss of 39 cents a share on revenue of $49.8 million.

The San Jose, California-based company said it would close a plant in China, cut its work force and take a restructuring charge of up to $40 million in either the first or second quarter.

The steps will drop its revenue level required to break even to $20 million from $25 million.

Schuetz wrote in a research note, ``We believe this divestiture is a prudent move that will allow the company to focus on its business of developing lasers and optical components used in the scientific and semi-conductor testing fields.''

CSFB continues to rate New Focus shares as ``hold.''

Shares of New Focus were up 3 cents to $2.84 on Nasdaq.
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