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Technology Stocks : Aviat Networks

AVNW 23.29

-3.6%

3:59 PM EST

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To: The Ox who wrote (169)	8/4/2008 10:36:47 AM
From: Rob Preuss	Read Replies (1) of 312

Harris Stratex Puts '08 EPS Below View; Will Restate Fincls Jul 30, 2008 18:40:25 (ET) Harris Stratex Networks Inc. (HSTX) said fiscal 2008 earnings won't meet the company's previous estimate due to surging expenses as it also delayed the release of its results in order to focus on a restatement of its financials back to 2005. Shares fell 20% to $9.01 in after-hours trading. Although the wireless network services provider saw record bookings and expects strong revenue growth - to $188 million - in its fiscal fourth quarter ended June 27, it said expense levels increased by $13 million to $14 million from previous estimates, leading to the earnings shortfall. The company previously expected earnings of 82 cents for the year. The mean estimates of analysts polled by Thomson Reuters was for per-share earnings of 83 cents. Harris Stratex determined its financial statements for the first three quarters of the year and fiscal years 2005 to 2007 should no longer be upon due to accounting errors. The company expects its pretax income to be reduced by a total of $18 million to $25 million. Looking ahead, the company also said it expects additional restructuring and integration charges in fiscal 2009 for outsourcing activities. Harris Stratex expects fiscal first-quarter revenue of $175 million to $185 million, in line with analysts' view of $185 million. -By Lauren Pollock, Dow Jones Newswires; 201-938-5964; lauren.pollock@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: djnewsplus.com. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires July 30, 2008 18:37 ET (22:37 GMT)

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