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Wednesday, May 24, 2006 9:13:54 AM
STXN - Due for a bounce? Chart at bottom.
Stratex Swings to Profit in 4Q
Thursday May 18, 5:31 pm ET
Stratex Networks Swings to 4Q Profit, Boosted by Strong Rise in Sales
SAN JOSE, Calif. (AP) -- Stratex Networks Inc., which makes digital microwave radios for communications systems, swung to a profit in its fiscal fourth quarter, boosted by a strong increase in sales.
Fourth-quarter Net income increased to $3.3 million, or 3 cents per share, compared to a loss of $13.3 million, or 14 cents per share, during the year-ago period. Excluding charges from stock-based compensation, Stratex Networks posted net income of $3.4 million, or 3 cents per share, in the fourth quarter.
Revenue increased 56 percent to $64 million, compared to $41.1 million in the year-ago period.
Analysts predicted earnings of 2 cents per share on revenue of $62.2 million, according to a Thomson Financial poll.
For the fiscal year, the company posted a loss of $2.3 million, or 2 cents per share, compared with a loss of $45.9 million, or 51 cents per share, the year before.
Revenue for the year increased 28 percent to $230.9 million, compared to $180.3 million a year ago.
Excluding stock-based compensation, net loss for 2006 was $800,000, or a penny per share.
Looking ahead, the company expects first-quarter revenue to range between $62 million and $66 million, with earnings per share in the range of 2 cents per share to 4 cents per share. Wall Street is looking for earnings of 3 cents per share on revenue of $62 million.
Separately, the company said it appointed Thomas H. Waechter as president and chief executive. Waechter, who has been an independent director of Stratex since December, succeeds Chuck Kissner, who will remain as executive chairman.
The company also appointed John Brandt, the company's vice president of global operations, as vice president of business development.
Stratex stock fell 24 cents, or 4.6 percent, to close at $5 on the Nasdaq, but regained 5 cents in aftermarket activity. In a 52-week period, shares of Stratex have traded between $1.45 and $6.58.
Stratex Swings to Profit in 4Q
Thursday May 18, 5:31 pm ET
Stratex Networks Swings to 4Q Profit, Boosted by Strong Rise in Sales
SAN JOSE, Calif. (AP) -- Stratex Networks Inc., which makes digital microwave radios for communications systems, swung to a profit in its fiscal fourth quarter, boosted by a strong increase in sales.
Fourth-quarter Net income increased to $3.3 million, or 3 cents per share, compared to a loss of $13.3 million, or 14 cents per share, during the year-ago period. Excluding charges from stock-based compensation, Stratex Networks posted net income of $3.4 million, or 3 cents per share, in the fourth quarter.
Revenue increased 56 percent to $64 million, compared to $41.1 million in the year-ago period.
Analysts predicted earnings of 2 cents per share on revenue of $62.2 million, according to a Thomson Financial poll.
For the fiscal year, the company posted a loss of $2.3 million, or 2 cents per share, compared with a loss of $45.9 million, or 51 cents per share, the year before.
Revenue for the year increased 28 percent to $230.9 million, compared to $180.3 million a year ago.
Excluding stock-based compensation, net loss for 2006 was $800,000, or a penny per share.
Looking ahead, the company expects first-quarter revenue to range between $62 million and $66 million, with earnings per share in the range of 2 cents per share to 4 cents per share. Wall Street is looking for earnings of 3 cents per share on revenue of $62 million.
Separately, the company said it appointed Thomas H. Waechter as president and chief executive. Waechter, who has been an independent director of Stratex since December, succeeds Chuck Kissner, who will remain as executive chairman.
The company also appointed John Brandt, the company's vice president of global operations, as vice president of business development.
Stratex stock fell 24 cents, or 4.6 percent, to close at $5 on the Nasdaq, but regained 5 cents in aftermarket activity. In a 52-week period, shares of Stratex have traded between $1.45 and $6.58.
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