Tut Systems ( TUTS) says it has appointed former Wall Street analyst Steve Levy to its board of directors.

The Lake Oswego, Ore., tech shop, which is one of the leading suppliers of Internet video gear to phone companies, also posted a third-quarter net loss of 17 cents a share on sales of $10 million. Those numbers compare with a loss of 13 cents on $6.7 million in revenue in the year-ago period. Analysts were looking for an adjusted net loss of 13 cents a share on $9.2 million in sales.

Previously, Levy was the communications technology analyst at Lehman Brothers, where he covered equipment giants like Lucent ( LU), Tellabs ( TLAB) and Ciena ( CIEN).

Tut says it picked Levy for his 19 years of Wall Street experience. Clearly, given Levy's high-level industry connections, the company stands to benefit from his ability to key people together.

Observers note that with big players like Verizon ( VZ) making plans to deliver Internet protocol TV -- Tut's niche -- networking suppliers will need to beef up on this particular area of expertise.

Levy declined to comment on the move. He replaces George Middlemas, who resigned Oct. 21.

Tut shares fell 2 cents to $3.36 in after-hours trading Thursday.