ECI Telecom says Asia, Europe business picking up
Reuters, Friday, September 18, 1998 at 15:58
NEW YORK, Sept 18 (Reuters) - Israeli Telecommunications
company ECI Telecom (NASDAQ:ECILF) said on Friday that the company
is not experiencing a slowdown due to global economic woes,
rather business has picked up in Europe and Asia.
"We have not suffered any slowdown," ECI Investor Relations
Director Leo Hinkley told Reuters. "We have not experienced a
slowdown in Europe and have been very strong in Germany,
Sweden, France and England."
He added that year-to-date, "we have not experienced a
slowdown in Asia. In fact, we have seen a small pickup of
business in Asia, especially China."
Second-quarter earnings, released on July 30, showed net
income up 36 percent on revenue growth of 21 percent.
"It was the best quarter since 1992," Hinkley said. "Since
then, we have not experienced a slowdown. Business has been
very good throughout the year and we don't anticipate any
decline in the future."
In late trading on Friday, ECI's shares were at 25-11/16,
up 1/16. The stock was hammered on Thursday, dragged down with
the rest of the telecommunications sector after France's
Alactel (NYSE:ALA) warned of lower profits.
Last week, ECI announced a merger with fellow Israeli
telecom company Tadiran Telecommunications Ltd. <TTLEF.O.> .
Copyright 1998, Reuters News Service |
