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Tellabs' loss narrows, sales dip

Tue, 07/16/2002 - 8:00pm
Susan Rush

Tellabs Inc. managed to lower its year-over-year net loss in the second quarter, but revenue dipped 32 percent.

The company lowered its operating expenses during the quarter, which resulted in a narrower loss of $142.8 million, or 35 cents a share. This compares to a loss of $174.1 million, or 43 cents a share, in the second quarter 2001.

For the just-ended quarter, Tellabs posted pro forma net income of $565,000, or break-even per share, excluding $108 million in restructuring charges and $111 million in expenses related to excess inventory and purchase commitments. Analysts on average were expecting a profit of 1 cent a share, excluding items, according to Thomson Financial/First Call.

Second-quarter sales fell 32 percent from $509.4 million a year earlier to $344.6 million.

Sales from broadband access solutions totaled $107 million. During the quarter, the company launched its Tellabs 8110 network terminating unit in Asia Pacific, Europe and Latin America.

In April, Tellabs announced plans to cut another 1,200 jobs, close a manufacturing facility in Ronkonkoma, N.Y., and consolidate several smaller locations. Tellabs has cut 3,700 positions.

As of 12:36 p.m. EDT, Tellabs shares were up 10 cents to $6.60. The company's shares have traded as high as $18.28 in the last 52 weeks.

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