C-COR Lowers Guidance - TheStreet

C-COR.net

(CCBL)

lowered its fourth-quarter guidance, saying it doesn't expect to see any more revenue from

Adelphia Communications

(ADLAE)

, one of the company's major customers.

C-COR, which provides high-speed Internet services, said it now anticipates fourth-quarter earnings per share, excluding amortization and other charges, of 2 cents to 4 cents on sales of $60 million to $65 million, down from the company's April 18 guidance of revenue of $65 million to $75 million. Wall Street had been expecting C-COR to earn 6 cents a share on revenue of $72.3 million.

Including all charges, the company said it expects to see a fourth-quarter loss of 18 cents to 32 cents a share.

In a press release, C-COR also said it will make a determination at the end of the quarter on whether to record an allowance for all or part of the $42 million in outstanding payments from Adelphia. If the company recorded an allowance for the full amount, it would decrease earnings by 73 cents a share.

Shares of C-COR closed at $8.63 Tuesday before the lowered guidance.