Harmonic posts third-quarter profit of $12M

Tue, 10/28/2008 - 8:35am
Mike Robuck

Yesterday, Harmonic reported a net income of $12 million for the third quarter that ended Sept. 26.

Harmonic’s net income came out to 12 cents per share and marked an increase from the $9.4 million, or 12 cents per share, from the same quarter a year ago.

Sunnyvale, Calif.-based Harmonic posted net sales of $91.5 million, which was an 11 percent increase over the $82.3 million in the third quarter of last year.

The results for the third quarter included a charge of approximately $800,000 for the impairment of an investment in the unsecured debt of Lehman Brothers.

Excluding the Lehman Brothers charge and other charges, the company’s net income would have $15.9 million, or 17 cents per share, up from $11.9 million, or 15 cents per share, for the same period of 2007.

“We are pleased with our third-quarter operating performance, bookings and momentum moving into the fourth quarter,” said Harmonic President and CEO Patrick Harshman. “Across different markets and geographies, video service providers continue to select our award-winning systems and solutions to expand their on-demand, high-definition and next-generation IP-based service offerings.

“While the global economic environment creates uncertainty, we remain confident about our strong market position and long-term growth opportunities.”

Harmonic, which makes broadcast and on-demand delivery products, including encoders, said it expects sales for the fourth quarter to be in the range of $92 million to $95 million.

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