Sycamore Networks Exceeds Expectations
Sycamore Networks (SCMR), the fiber-optics network equipment company that is a favorite of many mutual fund managers, reported fiscal fourth-quarter earnings Thursday that exceeded Wall Street's forecasts, reversing a loss from a year earlier.
The Chelmsford, Mass.-based company also said its revenues rose nearly eightfold.
Sycamore posted net income of $18.3 million, or 7 cents a diluted share, compared with a net loss of $9.1 million, or 6 cents a share, in the fourth quarter of 1999. But excluding the costs of stock compensation, the company earned $20.4 million, or 8 cents a share in the latest quarter.Analysts surveyed by First Call/Thomson Financial had been expecting earnings of 6 cents a share, according to the consensus estimate, although there were "whisper" estimates of 7 cents a share. Revenues soared to $90.4 million in the quarter, from $11.3 million a year earlier. Sycamore reported its financial results after the close of regular stock trading. Its shares ended down 1 7/8, or 1.2%, at 158. Despite exceeding expectations, the stock fell in after-hours trading to 156, according to Instinet.
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