Redback sees Q1 revs rising, gets Nasdaq notice
Wednesday January 15, 5:47 pm ET
SAN JOSE, Calif., Jan 15 (Reuters) - Network equipment maker Redback Networks Inc. (NasdaqNM:RBAK - News) said on Wednesday it expects current first-quarter revenues to grow 5 percent to 10 percent over the prior quarter and it had been notified by the Nasdaq exchange its shares may be subject to delisting.
The company, whose shares spent a good part of the second half of 2002 under $1, said it would appeal the Nasdaq notice. The shares closed on Wednesday at $1.18, up 6 cents, or 5.4 percent.
Redback, in which Finland's Nokia (NYSE:NOK - News; NOK1V.HE) last year bought a 10 percent stake, earlier on Wednesday reported fourth-quarter revenues of $27.6 million, down from $40.2 million a year earlier, but up from $17.4 million in the prior quarter.
San Jose, California-based Redback posted a fourth-quarter net loss of $34.2 million, or 20 cents a share, compared with a net loss of $99.2 million, or 67 cents a share, a year earlier. The company credited the narrower net loss to deep cost cuts.
Redback, whose rivals include network industry leaders Cisco Systems Inc. (NasdaqNM:CSCO - News) and Juniper Networks Inc. (NasdaqNM:JNPR - News), reported a loss excluding charges of $26.8 million, or 15 cents a share, compared with a loss before items of $29.8 million, or 20 cents a share, a year earlier.
Analysts had, on average, expected a loss before charges of 15 cents a share on revenues of $26.1 million, according to Thomson First Call. |
