Symmetricom 4Q Misses Profit Forecasts
SAN JOSE, Calif. (AP) ¿ Symmetricom Inc., which provides synchronization hardware and software services, said Tuesday it posted a fiscal fourth-quarter profit of $1.9 million, reversing a loss from a year earlier.
Net income in the three months to June 28 amounted to 4 cents per share, reversing a loss of $13.5 million, or 31 cents per share, a year earlier.
Revenue grew 6 percent to $60.4 million from $57 million a year earlier.
Adjusted for one-time items, such as a $3 million restructuring charge, earnings per share reached 8 cents, up from a penny, last year.Analysts polled by Thomson Reuters were expecting adjusted earnings of 9 cents per share on revenue of $55.3 million. The company expected its net revenue in fiscal 2010 in the range of $210 million to $230 million, with adjusted earnings per share of 35 cents to 44 cents. The company said first-quarter net revenue was expected between $48 million and $55 million, with adjusted earnings per share of a penny to 6 cents. That was below the average forecast for the first quarter of earnings of 9 cents per share, while analysts expected revenue at the high end of the range at $54 million. Shares fell 38 cents, or 6.3 percent, to $5.69 in after-hours trading, after closing down 6 cents at $6.07 in the regular session.
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