Harmonic posts loss in Q1; expects full rebound
Harmonic’s Q1 2009 sales were $67.8 million, down from $87.3 million in the first quarter of 2008, a drop the company attributed essentially to the economy.
Bookings were down, too, to approximately $57 million, compared with $70 million in the similar period a year ago and $73 million in the immediately preceding fourth quarter.
The company reported a net loss for the quarter of $18.8 million. Still, the company might have reported a profit but for a variety of charges, including about $11.9 million primarily related to the acquisition of Scopus and a non-cash tax charge of $6.6 million to adjust the value of certain deferred tax assets as a result of recent changes in California tax law. Harmonic reported a profit of $13.4 million in the similar period of 2008.
Patrick Harshman, president and CEO, said: “Heading into the second quarter, we are seeing some signs of improving customer spending, as well as positive customer response to our newest products. The recent acquisition of Scopus is further expanding our range of new products, capabilities and customers, and its integration is proceeding as planned.”
Harmonic said it anticipates that net sales for the second quarter of 2009 will rebound back to the range of $72 to $78 million.