CNT Sees Weak Fourth Quarter, Plans Convertible Offering
CNT
(CMNT)
said it expects weaker fourth-quarter earnings in spite of a 29% jump in revenue.
The storage area network switch maker now sees operating income of about $950,000, or 3 cents a share, down from $5.8 million, or 17 cents a share, in the year-ago period. The forecast is in line with analyst expectations, according to Thomson Financial/First Call.
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Revenue for the quarter is expected to be $60.7 million.
The company also announced plans to offer a private sale of five-year subordinate notes convertible into company stock. The sale is expected to raise $125 million.
