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Technology Stocks : ANTEC Corp. (ANTC) -- Ignore unavailable to you. Want to Upgrade?

To: Daveyk who wrote (300)	4/16/1998 10:09:00 AM
From: Mark Oliver	Read Replies (1) \| Respond to of 847

ANTEC First Quarter Revenues and Earnings Exceed Analysts Expectations ROLLING MEADOWS, Ill., April 16 /PRNewswire/ -- ANTEC Corporation (Nasdaq: ANTC - news) today announced sales of $123.4 million for the quarter ended March 31, 1998. These results compare to sales of $120.0 million in the first quarter of 1997 and $115.4 million in the fourth quarter of 1997. Excluding the impact of previously announced non-recurring items, first quarter net income was $1.7 million, or $.04 per share as compared to net income of $760,000, or $.02 per share for the first quarter of 1997. Including the one-time charges, ANTEC posted a loss of $0.14 per share for the first quarter of 1998 as compared to a loss of $0.42 per share for the first quarter of 1997. The previously announced one-time, pre-tax charge of $12.0 million during the first quarter of 1998 is in connection with the closing of the Rolling Meadows, Illinois headquarters facility and the consolidation of certain marketing and administrative functions in Atlanta and Denver. Before the non-recurring charges, ANTEC's first quarter operating income before goodwill amortization increased to $6.5 million from $5.5 million in the first quarter of 1997. The Company's gross profit increased to $32.8 million as compared to $32.6 million in the first quarter of 1997. Gross profit margin for the quarter was 26.6% and represents a 22% increase over fourth quarter 1997. These increases represent a larger proportion of manufactured products during the quarter and a more favorable mix of higher margin products. Operating expenses during the first quarter were down 3% compared to the first quarter of 1997. ''We are extremely pleased that we have returned to profitability as planned during the first quarter,'' said John Egan, ANTEC Chairman and CEO. ''The industry wide turmoil appears to be ending and our customers are now beginning to return to more normal capital spending patterns. We look forward to continuing the very favorable trends in both revenue and earnings growth as 1998 unfolds.'' ''Our recent force consolidation and other improvements in our manufacturing processes provide opportunities to continue to reduce expenses as a percent of sales. As our top line revenues and gross margins increase, we also look forward to increased operating leverage,'' said Bob Stanzione, ANTEC's new President & Chief Operating Officer. ANTEC also recently announced its plan to repurchase 4.4 million shares of their outstanding stock from Anixter International Inc. (NYSE: AXE - news). ANTEC Corporation (http://www.antec.com) is an international communications technology company serving the broadband information transport industries. Headquartered in Norcross, Georgia, ANTEC has major divisional offices in Atlanta, Denver; manufacturing facilities in Juarez, Mexico, El Paso, Texas, Tinton Falls, New Jersey and Rock Falls, Illinois and sales offices in Europe, Asia/Pacific and Latin America. ANTEC specializes in the manufacturing, materials management and distribution of products for hybrid fiber/coax (HFC) broadband networks, as well as the design and engineering of these networks. Forward looking statements: The statements in this press release that use such words as ''believe,'' ''expect,'' ''intend,'' ''anticipate,'' ''contemplate,'' ''estimate,'' or ''plan'' or similar expressions are forward-looking statements. Our business is dependent upon general economic conditions as well as competitive, technological, and regulatory developments and trends specific to our industry and customers. These conditions and events could be substantially different than we believe or expect and these differences may cause our actual results to differ materially from the forward-looking statements we have made or the results which could be expected to accompany such statements. Specific factors which could cause such material differences include the following: Design or manufacturing defects in our products which could curtail sales and subject us to substantial costs for removal, replacement, and reinstallation of such products; manufacturing or product development problems that we do not anticipate because of our relative experience with these activities; an inability to absorb or adjust our costs in response to lower sales volumes than we anticipate; unanticipated costs or inefficiencies from the ongoing consolidation of certain of our activities; loss of key management, sales or technical employees; decisions by our larger customers to cancel contracts or orders as they are entitled to do or not to enter into new contracts or orders with us because of dissatisfaction, technological or competitive changes, changes in control or other reasons; and inability as result of our relative experience to deliver construction services within anticipated costs and time frames which could cause loss of business, operating losses and damage claims. The above listing of factors is representative of the factors which could affect our forward-looking statements and is not intended as an all encompassing list of such factors. In providing forward-looking statements we are not undertaking any obligation to update publicly or otherwise these statements, whether as a result of new information, future events or otherwise. For financials, go to biz.yahoo.com