CommScope posts quarterly loss
Cable maker CommScope Inc. lost $51.4 million, or 87 cents per share, for the second quarter of 2003 on sales of $141.4 million. The net loss included after-tax impairment charges of 34 cents per share and after-tax equity in losses of OFS BrightWave, LLC of 57 cents per share related to CommScope's minority ownership interest in the venture.
For the second quarter of 2002, the company incurred a net loss of $42.5 million, or 69 cents per share, which included after-tax charges of $12.9 million related to a write-off of Adelphia Communications Corp. receivables and after-tax charges of $34.9 million of equity in losses of OFS BrightWave.
CommScope's sales for the quarter were lower than the $155 million booked a year ago, but higher than the $129.4 million booked in the first quarter of 2003. The sequential increase in sales was primarily due to increased sales to broadband service providers other than Comcast Corp., stronger wireless sales and improved LAN sales. The year-over-year sales decline was due to lower global broadband/video sales.
During the quarter, broadband/video sales of $108.5 million were down 13 percent from the second quarter of last year, but rose 7 percent sequentially, according to the company.
Sales to Comcast represented approximately 17 percent of total company sales for the quarter and were down $6 million sequentially. The year-over-year decline primarily resulted from lower sales to Charter Communications Inc., as well as lower international and fiber optic cable sales.