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S-A strong with the DVR, but shares dip

Thu, 10/23/2003 - 8:00pm
Jeff Baumgartner

Scientific-Atlanta Inc. said Q1 shipments of its DVR-capable Explorer 8000 set-top jumped 12 percent to 177,000, extending the total to 563,000 over the past 18 months.

Those shipments contributed to Q1 revenues of $395.6 million, up from $311.6 million, but shy of anticipated First Call revenues of $400.7 million. S-A also posted a profit of $42.7 million (28 cents per share), up from $11 million (7 cents per share) a year ago.

The revenue miss and concerns about future shipments of the company's advanced digital set-tops caused concern among investors. S-A stock was down $5.79 (16.53 percent) to $29.24 per share in early trading Friday.

At quarter's end, S-A sold 940,000 Explorer-branded set-tops and had backlog orders for 800,000 more. S-A said HD set-top shipments increased slightly to 60,000. Time Warner Cable and Cablevision were S-A's two largest set-top customers. S-A expects to begin shipping its new Explorer 8000HD by the end of this quarter.

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