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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (53746)	7/12/2002 1:16:33 AM
From: Dealer	Respond to of 65232

JNPR--Juniper Posts Profit, Cuts Jobs By Scott Moritz Senior Writer 07/11/2002 07:00 PM EDT Juniper (JNPR:Nasdaq - news - commentary - research - analysis) posted slightly higher-than-expected financial results Thursday but said it would cut 10% of its workforce to trim costs. For the second quarter ended last month, the company posted net income of $6.2 million, or 2 cents a share, reversing the year-ago second-quarter loss of $37 million, or 12 cents a share. Pro forma income for the latest period was $421,000, or less than a penny a share, down from $29 million, or 9 cents a share, a year earlier. Revenue slipped 42% from a year ago to $117 million; the latest-quarter figure also reflected a 4% sequential decline. With the company's core networking business taking hit after hit amid the telecom tumult of 2002, the company said it would slash 200 jobs in an effort to tighten its belt. The Cisco (CSCO:Nasdaq - news - commentary - research - analysis) data-networking rival had been expected to post a net loss of a penny per share, according to analysts polled by Multex. As far as outlook for the third quarter, Juniper, which acquired Net gear maker Unisphere last quarter, said in a postclose conference call that its projected combined revenue will be between $155 million and $160 million, with a pro forma net loss of 2 cents. Analysts had expected flat financial results for Juniper in the third quarter. Despite the troubles of its larger customers WorldCom (WCOME:Nasdaq - news - commentary - research - analysis) and Qwest (Q:NYSE - news - commentary - research - analysis), Juniper was encouraged by the success of its new "Gibson" super router. The company said on the call that 10 customers are using the new gear, which Juniper officially calls the T640. Juniper says it has $1.7 billion in cash and investments, and expects to take as much as $200 million in one-time charges related to the Unisphere merger. The stock added 11 cents Thursday to $7.22.