Symmetricom posts $13.6M fourth-quarter loss
Symmetricom, which makes timing and frequency products, reported a fourth-quarter loss of $13.6 million, or 31 cents per share, on Wednesday.
San Jose-based Symmetricom, which makes DOCSIS Timing Interface (DTI) servers that are used by cable operators, had a net income of $1.4 million, or 3 cents per share, in the same quarter a year ago.
The company’s fourth-quarter revenue decreased slightly to $57 million, from the $57.4 million it posted a year ago.
For the year ended June 29, revenue was $208.1 million, slightly below fiscal 2007 revenue of $208.4 million.
Excluding items, Symmetricom’s income would have been $600,000, or a penny per share, compared with non-GAAP income of $3.8 million, or 8 cents per share, in the year-ago quarter.
Symmetricom recorded severance charges of $1.2 million and costs related to the correction of prior-period financial statements of approximately $800,000.
“Fiscal 2008 was a year of investment for Symmetricom,” said CEO Thomas Steipp. “We anticipate that many of our operational investments, such as greater outsourcing of manufacturing and a new R&D center in China, will result in greater efficiency as we move forward.
“Market development investments, such as those in the cable market, are expected to contribute to revenue growth in fiscal 2009. Our investment in the QoE segment has not met our expectations, and we have consolidated this business into our Telecom Solutions Division and substantially reduced spending levels. I expect that our investment in new products and efficiencies in fiscal 2008 will result in much improved operating results for fiscal 2009.”
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