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Technology Stocks : C-Cor Electronics-CCBL

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To: Jim Oravetz who wrote (230)	5/22/2002 12:54:06 PM
From: Jim Oravetz	of 235

C-COR To Determine Whether To Post $42M Accts Receivable DOW JONES NEWSWIRES STATE COLLEGE, Pa. -- C-Cor.net Corp. (CCBL) lowered its fourth quarter sales and earnings estimates because it does not anticipate generating further revenue in the near term from one of its major customers, Adelphia Communications Corp. (ADLAE). In a press release Tuesday, the company lowered its fourth quarter sales forecast to a range of $60 million to $65 million, compared with its April 18 estimate for fourth quarter revenue of $65 million to $75 million. C-Cor.net expects pro forma earnings of 2 cents to 4 cents a share and a loss of 18 cents to 32 cents a share. Four analysts surveyed by Thomson Financial/First Call expect the provider of broadband communications technology to earn 6 cents a share in the fourth quarter. C.Cor.net previously expected pro forma earnings of 4 cents to 6 cents a share. Pro forma result exclude amortization of intangibles, a potential realization of unrealized loss on currency translations with its Argentina operation and potential noncash charges resulting from acquisitions completed in 2001. C-Cor.net will determine at the close of its fourth quarter ending June 28 whether to record an allowance for all or part of the $42 million in accounts receivable outstanding from Adelphia. The determination will be based on all of the facts and circumstances at the time. If an allowance were recorded for the full amount outstanding, it would cut earnings per share by 73 cents. None of C-Cor.net's latest earnings projections include an allowance related to the Adelphia accounts receivable. As reported, Adelphia Communications, a cable company, is facing a severe liquidity crisis that could lead to a bankruptcy filing. The company is under fire for off-balance-sheet loans and is the target of a formal Securities and Exchange Commission investigation. In the year-ago fourth quarter, C-Cor.net posted a loss from continuing operations excluding charges of 9 cents a share. The reported loss was 19 cents a share on sales of $38.8 million. Company Web site: c-cor.net

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