said third-quarter earnings were lower than expected amid an "extremely challenging" September.
On a pro forma basis, the company earned $11.4 million, or 5 cents a share, in the latest quarter, which ended Sept. 30, down from $16.2 million, or 8 cents a share, in the year-ago quarter, which ended Dec. 2. The company is in the process of aligning its fiscal year with the calendar year. Analysts had been expecting earnings of 8 cents a share in the most-recent quarter.
The Rochester, N.H.-based maker of network equipment said it recorded various charges in the third quarter, among them an adjustment related to a new revenue-recognition policy, a writedown of obsolete inventory and "other previously disclosed charges related to the company's transformation." After those, the company lost about $270 million, or $1.43 a share.