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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: JRandleman who wrote (60776)	10/17/2000 10:44:20 PM
From: StockDung	Respond to of 122087

Copper Mountain warns of weak Q4, 2001 earnings PALO ALTO, Calif., Oct. 17 (Reuters) - Communications company Copper Mountain Networks Inc.<CMTN.O> on Tuesday announced third-quarter profits that edged higher than estimates, but said fourth-quarter and 2001 earnings would fall short amid a downturn in demand from its customers. In after hours trading, the company's shares were trading at $12-1/4, down more than 50 percent from their close earlier on Nasdaq at $26-7/8. Copper Mountain develops and markets digital subscriber line products that enable high-speed networking over existing copper facilities. In the latest quarter, Copper Mountain said it had pro-forma net income of $15.8 million, or 27 cents a diluted share, on revenue of $93.5 million, compared with $5.3 million, or 9 cents a share, on revenue of $32 million for the same 1999 quarter. Analysts on average expected the company to earn 26 cents a share in the third quarter, according to First Call/Thomson Financial. The company warned that in light of recent reductions in capital expenditure forecasts from many of its CLEC (competitive local exchange carrier) customers, it expects fourth-quarter revenue near $60.0 million and pro forma, fully-taxed, earnings per share of 4-6 cents a share. The First Call estimate for the company's fourth quarter is 28 cents a share. The company said it is difficult to forecast for fiscal year 2001, but said it currently expects net revenue of $300-330 million and pro forma, fully-taxed, earnings per share of 16-25 cents. The First Call estimate for the company's earnings next year is $1.37 per share. Copper Mountain also announced plans to retool its sals management organization, which includes the year-end retirement of Mike Kelly, the company's vice president of sales. He will be replaced by Charles Nieman, who is currently assistant vice president of field sales. 20:57 10-17-00