05.05.2009 02:45 PM
Harmonic 1Q Revenues Down 22 Percent

SUNNYVALE: Harmonic shares fell more than 20 percent on the news that it had missed 1Q revenue estimates. The video-on-demand specialist posted net sales of $67.8 million for the quarter ending April 3, compared to $87.3 million in the first quarter of 2008. The lower than anticipated net sales were attributed to continuing weakness in the customer order rate across several markets for most of the first quarter. Bookings for 1Q09 were approximately $57 million, compared to $70 million and $73 million in the 1Q08 and 4Q08, respectively. Harmonic (NASDAQ: HLIT) said bookings showed some improvement in March that’s expected to show up in 2Q09.

Net loss for 1Q09 came in at $18.8 million or 20 cents a share, compared to a profit of $13.4 million or 14 cents a share the year earlier. Excluding an $11.9 million charge related to the acquisition of Scopus that closed mid-March, and other non-cash items, HLIT would have posted net income of $4.1 million or 4 cents a share. Comparable income for 1Q08 was $16.6 million or 17 cents a share.

As of April 3, HLIT had cash and equivalents of $262 million, compared to $327 million as of Dec. 31, 2008. The reduction was attributed to the $50 million purchase of Scopus. International sales represented 52 percent of revenues in 1Q09 compared to 39 percent a year ago. How much of that contribution was due to Scopus, based in Tel Aviv, Israel, was not spelled out. Harmonic expects net sales for 2Q09 to come in between $72 million and $78 million. – Deborah D. McAdams 

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Thursday 10:05 AM
NAB Requests Expedited Review of Spectrum Auction Lawsuit
“Broadcasters assigned to new channels following the auction could be forced to accept reductions in their coverage area and population served, with no practical remedy.” ~NAB

202 Communications /   Friday 12:41 PM
Albis Technologies Appoints New Head of Access Solutions
ignite strategic communications /   Thursday 03:48 PM
2015 HPA Tech Retreat(r) Unveils Expanded Session Schedule

Featured Articles
Discover TV Technology