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Technology Stocks : Westell WSTL -- Ignore unavailable to you. Want to Upgrade?

To: zone_boundry who wrote (21251)	10/23/2001 9:17:33 PM
From: zone_boundry	Read Replies (1) \| Respond to of 21342

I guess there is a reason for the pop... Westell further reported a marked increase in order bookings for its Customer Networking Equipment in the current (third) quarter of fiscal 2002. Units shipped, plus bookings through the current date, already exceed total shipments for the second fiscal quarter. _______________________________________________________________________ From Yahoo. _______________________________________________________________________ Tuesday October 23, 7:07 pm Eastern Time Press Release SOURCE: Westell Technologies Inc. Westell Technologies Reports 2nd Quarter Fiscal 2002 Results Customer Networking Equipment Demand Increasing AURORA, Ill.--(BUSINESS WIRE)--Oct. 23, 2001--Westell Technologies, Inc. (NASDAQ: WSTL - news) announced today results for its second quarter of fiscal year ending March 31, 2002. Proforma net loss for the quarter, which excludes goodwill amortization, a charge for excess and obsolete inventory and restructuring charges, was $3.7 million or a $0.06 loss per share compared with a loss of $8.9 million or $0.14 loss per share in the quarter ended June 30, 2001. The result for the second quarter of the prior fiscal year was a loss of $76,000. Revenues for the quarter were $59.4 million compared to $106.0 million for the comparable quarter of last year. GAAP net loss for the quarter, was $18.1 million or $0.28 per share compared to a loss of $8.0 million or $0.13 per share for the comparable quarter of last year. Westell further reported a marked increase in order bookings for its Customer Networking Equipment in the current (third) quarter of fiscal 2002. Units shipped, plus bookings through the current date, already exceed total shipments for the second fiscal quarter. ``During our second quarter we experienced a number of developments'', stated Van Cullens Westell's President and CEO, `` on the negative side, the WTC attack impacted our largest customer''. Mr. Cullens went on to say, ``on a positive note, late in the second quarter we began to see signs of increasing demand for our broadband products, in particular Customer Networking Equipment. We are very encouraged with the progress we are making on the revised plan we announced at the end of August. The new strategy is getting traction.'' For the six months ended September 30, 2001, Westell reported a proforma net loss of $12.6 million or a $0.20 loss per share compared to a proforma net profit of $1.2 million or $0.02 per share in the prior year comparable period. For fiscal year 2002, proforma losses exclude goodwill amortization, inventory charges related to excess and obsolete inventory and restructuring charges. For fiscal year 2001, proforma income excludes goodwill amortization and inventory revaluation related to the Teltrend acquisition. GAAP net loss for the six months ended September 30, 2001 was $35.0 million or a $0.55 loss per share compared to a loss of $15.7 million or a $0.26 loss per share in the comparable period of last year. Revenues for the six months ended September 30, 2001 were $122.7 million compared with $209.3 million in the prior year.