Did FNSR ever get a de-listing notice? Appears they are trying to get de-listed...
Finisar Corporation Revises Outlook For Second Quarter Ending October 31, 2002
Thursday October 24, 4:16 pm ET
SUNNYVALE, CA--(INTERNET WIRE)--Oct 24, 2002 -- Finisar Corporation (NasdaqNM:FNSR - News) today announced that revenues and earnings for the fiscal second quarter ending October 31, 2002, will be lower than previously projected. The Company now expects first quarter revenues will be approximately $40 to $42 million vs. its previous guidance of $44 to $48 million and as compared to $47 million in the first quarter ended July 31, 2002. As a result, the Company's net loss for the quarter will also be greater than expected.
Finisar plans to announce its second quarter results and discuss its current outlook for the balance of the year during its regularly scheduled conference call for investors at 5:00 p.m. EDT (2:00 p.m. PDT) on Tuesday, December 3, 2002.
"Our sales were soft in all of the markets we serve. However, the largest shortfall from our original expectations was in CWDM products for metro access applications," said Jerry Rawls, Finisar's CEO. "In the previous two quarters, revenues from CWDM increased sevenfold. It appears now that there has been some inventory accumulation related to jumpstarting this emerging market. Nevertheless, our customers remain enthusiastic about the potential for CWDM and metro access."
"We have seen an increase in our incoming order rate in the last few weeks," added Rawls. "Our orders are actually tracking well with last quarter but, a larger portion of these are being scheduled to ship in the third quarter. We currently anticipate that revenues for the third quarter ending January 31, 2003 will be up a bit sequentially from the second quarter. In the meantime, we are proceeding with our recently announced restructuring plan. We have implemented a workforce reduction and completed the sale of assets of our Sensors Unlimited subsidiary. We will continue to take further actions to reduce our cash expenditures."
The Company reported that cash and short-term investments totaled $112 million at the end of July, excluding an additional $16 million of investments held in escrow to meet interest payment obligations under the Company's outstanding convertible subordinated notes. The Company also noted that it was on track to substantially reduce its cash burn rate for the current quarter, even before realizing the cash payment received in connection with the sale of assets of Sensors Unlimited. The Company believes that its current cash and short-term investments are more than adequate to fund its operations for the foreseeable future. |
