dickheads. I thought they might ramp before their loss report
lightreading.com
Redback Sneaks Out Gloomy Forecast
--------------------------------------------------------------------------------
It's an old trick that fools no-one anymore. Firms that put out a press release about financial or legal affairs at the last minute before a public holiday might just as well broadcast an email to the world saying: "Here's some news we hope you don't see."
So it was that Redback Networks Inc. (Nasdaq: RBAK - message board) issued a press release about its projected second quarter revenues at 18:40 Eastern time (15:40 Pacific) on Thursday, (see Redback Forecasts Q2 ).
The vendor is projecting revenues of just $22 million for its latest three-month period (ended 30 June), down from $29.5 million in the first quarter (see Redback Reports $24.9M Loss ). According to figures from Thomson First Call, analysts had, on average, been expecting second quarter revenues of $30.7 million.
Redback, of course, was not available for comment today. How (in)convenient.
Redback's share price fell by 3 cents on Thursday, to close at 91 cents. Of course, the market had closed before the press release hit the wires, so it could be a stock to watch when the market opens again Monday.
Redback's is capitalized at $166.4 million, and has a 52-week high of $2.00, and a low of 24 cents. Its revenues for the whole of 2002 were $125.6 million (see Redback Trims Losses, CFO ).
— Ray Le Maistre, International Editor, Boardwatch |
