HLIT's warning
Harmonic Announces Anticipated Fourth Quarter Results and Management Change in
Broadband Access Networks Division
Business Editors
SUNNYVALE, Calif.--(BUSINESS WIRE)--Dec. 21, 2000--Harmonic Inc.
(NASDAQ:HLIT) today announced that it expects to report revenue of
approximately $50 million to $55 million for the fourth quarter ending
December 31, 2000. Excluding purchase accounting adjustments for such
items as amortization of goodwill and other intangibles, the Company
expects a pro forma net loss for the quarter of approximately $0.20 to
$0.30 per share. The Company plans to announce its complete fourth
quarter results on January 24, 2001.
Harmonic's Broadband Access Networks (BAN) division, which
designs, manufactures and markets fiber optic products used
extensively in broadband cable networks, expects revenue of
approximately $25 million to $27 million for the quarter, compared to
divisional revenue of $40.4 million in the previous quarter. In
addition to the previously announced hold on shipments to AT&T
Broadband, certain other customers have delayed anticipated orders or
given the Company instructions to make no further shipments for the
balance of the year.
Harmonic also announced that Patrick Harshman, currently Vice
President of Marketing for the BAN division, will assume
responsibilities as President of the BAN division. He replaces Kirk
Flatow, who plans to leave Harmonic at the end of the year.
The Company anticipates that the Convergent Systems (CS) division,
which designs, manufactures and markets digital headend systems for a
variety of broadband networks, expects revenue of approximately $25
million to $28 million, compared to divisional revenue of $27.8
million in the previous quarter.
"Many of our customers are reviewing their upgrade and build plans
in the light of more difficult conditions in the capital markets,"
said Anthony J. Ley, Chairman, President and Chief Executive Officer.
"Because of these recent developments, we are actively evaluating our
plans for 2001 and expect to provide more detailed guidance when we
report our complete fourth quarter results on January 24."
"We currently face challenging market conditions and recognize
that many of our customers' spending plans are under review. On the
other hand, we believe the very positive reception that our new
products received at the recent Western Show validates our long-term
product development strategy and industry leadership. We continue to
be well positioned for a rebound in capital spending by domestic cable
and satellite operators."
A live Internet broadcast of Harmonic's conference call regarding
its anticipated fourth quarter results (2:00 P.M. Pacific/5:00 P.M.
Eastern) will be available today at www.harmonicinc.com under
"Investor Relations" or by calling 800-263-9160. Until December 29,
2000, a replay will also be available either at www.harmonicinc.com or
by calling 800-633-8284 (reservation number: 17344467).
About Harmonic Inc.
Harmonic is a leading provider of innovative broadband solutions
that deliver video, voice and data to communications providers around
the world. Harmonic's technically advanced fiber optic, digital video
and IP data delivery systems enable network operators to provide a
range of interactive and advanced digital services that include
high-speed Internet access, telephony, digital video, HDTV, video and
audio streaming, and video-on-demand.
Headquartered in Sunnyvale, Calif., Harmonic employs approximately
1000 people and operates more than 15 R&D and sales & system
integration centers globally. Harmonic's customer base includes the
world's largest communications providers. Harmonic's stock is traded
on the Nasdaq stock market under the symbol "HLIT." For more
information, see the company's website at www.harmonicinc.com.
The anticipated results described in the above paragraphs
constitute forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to a number of risks and uncertainties which
would cause actual results to differ materially from those projected,
including final determination of revenue, actual costs and expenses
incurred during the quarter and decisions regarding reserves and
allowances made in the normal course of the accounting close for the
quarter and year. This release contains other forward-looking
statements, including statements concerning capital spending by
customers, the review of plans by customers, the reception given to
the Company's new products, our review of our own plans for 2001, and
Patrick Harshman's appointment as President of the BAN division. These
forward-looking statements are also subject to risks and uncertainties
which would cause actual results to differ materially from those
projected. Those risks include competitive conditions, market
acceptance of new or existing products, unpredictable sales cycles,
cable and satellite industry capital spending, and difficulties
associated with integrating operations in a timely manner. Additional
risks are detailed in the Company's filings with the Securities and
Exchange Commission, including its 1999 Annual Report on Form 10-K and
10-K/A and Quarterly Report on Form 10-Q for the quarter ended
September 29, 2000. The Company may, from time to time, make
additional written and oral forward-looking statements, including
statements contained in the Company's filings with the Securities and
Exchange Commission and its reports to shareholders. The Company does
not undertake to update any forward-looking statement that may be made
from time to time by or on behalf of the Company.
Editor's Note: Product and company names used here are trademarks
or registered trademarks of their respective companies.
--30--eb/sf*
CONTACTS: Harmonic Inc.
Robin N. Dickson, 408/542-2500 (Chief Financial Officer)
or
StreetConnect
Michael Newman, 408/542-2760 (Investor Relations)
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: CABLE ELECTRONIC GAMES/MULTIMEDIA INTERNET
NETWORKING TELECOMMUNICATIONS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story *** |
