ECI Telecom (Nasdaq:ECIL) yesterday posted a third-quarter loss at the low end of forecasts, and revenues that were slightly ahead of the telecommunication equipment company's prior warning of slumping sales.
The Petah Tikva-based company posted a net loss of $76.8 million, or 83 cents per share, including a write-down of impaired assets totaling $46.8 million, compared with a net profit of $6.5 million, or 7 cents a share, in the year-ago period.
Excluding the write-down, amortization of $4.8 million in merger costs and other one-time items, ECI posted a loss of $21.4 million, or 23 cents per diluted share, compared with a profit of $8.4 million, or 9 cents per share, a year-ago.
Revenues in the third quarter fell to $262.9 million, including revenues from its Business Systems Unit, which it recently sold off, compared with year earlier revenues of $310.3 million. Revenues were slightly above ECI's recently lowered outlook of between $250 million and $255 million.
Analysts expected a pro forma loss of 25 cents per share, according to research firm Thomson Financial/First Call. Estimates varied from a loss of 23 cents to a loss of 30 cents per share.