Symmetricom reports $3.6 million loss on charges, drop in revenue

Wednesday, August 11, 2010

Symmetricom reports $3.6M loss on charges

SAN JOSE, Calif. — Symmetricom Inc. slid to a loss in the most recent quarter, hurt by a dip in sales and one-time expenses from paying down debt and restructuring.

The company, which makes equipment for the telecommunications industry and other markets, reported a net loss of $3.6 million, or 8 cents per share for the quarter ended in June. That compares with net income of $1.5 million, or 4 cents per share, in the same quarter a year ago.

Stripping out $7 million in expenses related to paying off outstanding bonds and $6 million for restructuring, the company would have earned 12 cents per share. That’s a penny better than the average forecast, according to Thomson Reuters.

Revenue slipped 8 percent to $55.7 million, in line with estimates.

Looking ahead, Symmetricom said it expects results for the quarter ending in September to fall between a net loss of 6 cents per share to break-even, or earnings of 4 cents to 8 cents per share, excluding items. Revenue should come in between $50 million to $55 million.

Analysts, who typically exclude special items, were looking for 11 cents per share and revenue of $55.8 million.

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