Dow Jones Business News
Wireless Facilities Earnings: 4Q Rev Up 63%
Thursday February 19, 6:23 pm ET
SAN DIEGO (Dow Jones)--Wireless Facilities Inc. (NasdaqNM:WFII - News) , noting strong demand for wireless networking services, said its fourth-quarter net income more than doubled as revenue jumped 63%.
The company, which provides outsourced communications and security systems services, also announced plans for its president and chief operating officer to assume the role of chief executive April 1.
In a press release Thursday, Wireless Facilities said its fourth-quarter net profit rose to $8.1 million, or 11 cents a share, from $3.1 million, or 5 cents a share, a year earlier. The earnings per share for the latest quarter matched a Thomson First Call (News - Websites) mean estimate of five analysts.
Revenue grew to $82.9 million from $51 million a year earlier, in line with analysts' mean forecast of $83 million.
Wireless Facilities, which stopped issuing financial forecasts in 2002 during the telecommunications downturn, resumed providing revenue and earnings estimates as a result of the "significantly improved" market and better visibility.
The company projected 2004 earnings of 39 cents to 43 cents a share, below First Call's current analyst forecast of 44 cents. However, Wireless Facilities predicted full-year revenue of $390 million to $420 million, which is above analysts' average view of $376 million.
For the first quarter, Wireless Facilities sees earnings of 7 cents to 8 cents a share and revenue of $76 million to $83 million. Analysts, on average, predict first-quarter earnings per share of 9 cents and revenue of $89 million.
[Harry: Margins are under pressure]
In fiscal 2003, Wireless Facilities posted first-quarter earnings of 6 cents a share on revenue of $54 million. Full-year earnings were 32 cents a share, with revenue of $262.2 million.
Wireless Facilities said Masood Tayebi plans to step down as chief executive April 1, but will remain chairman. Eric De,Marco, currently president and chief operating officer, will replace Tayebi as chief executive.
The company said the move will allow Tayebi to work on new business opportunities while DeMarco runs the day-to-day operations.
DeMarco joined Wireless Facilities in November from Titan Corp. (NYSE:TTN - News) , where he also served as president a,nd operating chief.
A Wireless Facilities spokeswoman said the company doesn't have any plans to fill the president and chief operating officer positions.
Shares of Wireless Facilities were recently quoted at $14.47 in Inet after- hours trading, down 9.7% from their regular-session close of $16.03.
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Wireless Facilities Inc. - San Diego
4th Quar Dec. 31:
2003 2002
Revenue $82,900,000 $51,000,000
Net income 8,100,000 3,100,000
Avg shrs (diluted) 76,800,000 67,000,000
Shr earns
Net income .11 .05
Year:
Revenue $262,200,000 $187,000,000
Net income 23,500,000 a (63,900,000)
Avg shrs (diluted) 73,300,000 48,100,000
Shr earns
Net income .32 a (1.33)
Figures in parentheses are losses.
a. Includes asset impairment and other charges of $35 million.
Company Web site: wfinet.com
-Kara Wetzel; Dow Jones Newswires; 201-938-5400 |
