Sigh. I agree. But I've lost more than respect for them.... I've lost money!
I can only hope that Braun will right this ship and start cranking out profits.
This link shows that HSTX closed at $7.30, down $3.94 (35.1%) on trading volume of 3.25 million shares.
biz.yahoo.com
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Harris Stratex shares plunge after weak '08 seen
Thursday July 31, 3:57 pm ET
Harris Stratex Networks shares sink on fiscal-year profit warning, material accounting errors
SEATTLE (AP) -- Shares of Harris Stratex Networks Inc. plummeted to a new year low in heavy trading Thursday after the wireless networking products and services company disclosed accounting errors and predicted it would miss earnings targets.
In a statement Wednesday, the company disclosed preliminary results for its fiscal year ended June 27, including the warning that higher-than-predicted expenses kept it from meeting its full-year profit goal of 82 cents per share.
Analysts forecast profit of 83 cents per share in earnings, according to a Thomson Financial survey.
Morrisville, N.C.-based Harris Stratex said it expects to record an $11 million charge related to a faster-than-expected transition from higher-cost legacy products to lower cost next-generation Internet Protocol-based technology.
The company also said it found accounting errors that will require restatement of earnings reports from 2005 through the present. Those errors will cut previously reported earnings by $18 million to $25 million, the company said.
Shares plunged $3.98, or 35.4 percent, to $7.26 in late afternoon trading. The stock earlier traded as low as $6.85 after ranging from $8.53 to $20.90 over the past year.
Harris Stratex, which is a subsidiary of Melbourne, Fla.-based Harris Corp., also said it would delay reporting earnings for the quarter and the full year. In the current first quarter, the company said it expects sales of $175 million to $185 million. |
