James, Hiram, and Thread,
Well isn't the news out of Ortel (sym:ORTL) interesting. Especially in light of the General Instrument news that James linked to. Ortel gets a third of it's revenue from GI.
I have not done a great deal of research on ORTL yet, but on the face of it, they seem to be a direct competitor of HLIT. Uncanny how similar their products appear to a non-techie like me.
Here's the clip. Anyone have any comparisons/comments between HLIT and ORTL?
Thanks,
MikeM(From Florida)
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Ortel Indicates Preliminary Third Fiscal Quarter Results
ALHAMBRA, Calif.--Feb. 10, 1999--Ortel Corp. ORTL Wednesday estimated that revenues for its third fiscal quarter ended Jan. 31, 1999, will be $16.9 million and will result in the company reporting a loss for the period of approximately $1.1 million or $.09 per share.
Additionally, the company said order patterns for the current third fiscal quarter indicate sales growth may not be sufficient to produce profitability in the fourth quarter ending April 30, 1999.
A year ago, Ortel reported third quarter net income of $605,000, or $.05 per share, on revenues of $18.6 million, and a fourth quarter net loss of $465,000, or $.04 per share, on revenues of $16.0 million. Comparisons to prior year results reflect the reclassification effect of the recent decision to discontinue the 980nm pump laser business.
Ortel said current third quarter revenues of its core broadband products were negatively impacted by a slower than expected ramp-up of a major product enhancement. As a result, broadband revenues for the third quarter are expected to be approximately $12.0 million, down from $13.1 million on a sequential basis compared with the second quarter and up from $11.3 million in the third quarter of the prior year.
Additionally, sales of satellite and other communications products are expected to be $4.9 million, down from $6.7 million on a sequential basis compared with the second quarter and down from $7.3 million in the third quarter of the prior year.
"Ortel is implementing a turnaround program that began in this past second fiscal quarter with the discontinuance of our 980nm pump laser business and a renewed focus on the application of our company's considerable technological and human resources to our core businesses," said Wim H.J. Selders, president and chief executive officer.
"The focus of the program is to build revenue growth by delivering important product enhancements such as those in the most recent quarter, to expand our product offering, and to broaden our customer base."
Separately, Selders announced his desire to retire from the day-to-day management of the company, and has advised the Board of Directors and its nominating committee to commence a search for a new President and CEO. |
