Network Engines Revises Outlook for the Fourth Quarter of Fiscal 2004
biz.yahoo.com
Monday October 4, 8:50 am ET
CANTON, Mass.--(BUSINESS WIRE)--Oct. 4, 2004--Network Engines, Inc. (NASDAQ:NENG), a leading developer, manufacturer and distributor of storage and security solutions, today announced that it now expects net revenues for its fiscal fourth quarter ended September 30, 2004 to be between $30.5 million and $31.0 million, below its previous outlook of $32 million to $36 million provided on July 22, 2004. Network Engines attributed the lower than anticipated net revenues primarily to lower than expected OEM sales. Based on the lower than expected net revenues, the company expects its net loss to be at the high end or possibly greater than the projected net loss range of ($900,000) to ($1.1) million previously provided on July 22, 2004. The net loss will be determined after the company's standard year-end close process and after the year-end independent audit of its financial statements for the year ended September 30, 2004. Despite the net revenues shortfall, the company expects its cash, cash equivalents and short-term investments at September 30, 2004 to be approximately $39.5 million, which would be above the high end of the outlook previously provided of between $33 million and $35 million and greater than the cash balance of $37.8 million at June 30, 2004.
Network Engines expects to announce its fourth quarter and year-end fiscal 2004 financial results on or around November 4, 2004. |
