said on Monday that it met Wall Street's lowered expectations for the second quarter, but the company warned of potential shortcomings in the coming quarters.
The company said it earned $9.3 million, or 22 cents a share, in the second quarter, in line with Wall Street's consensus estimate.
In February, the company said it expected to earn between 22 cents and 24 cents in the period, lower than its previous projection of 29 cents a share. Sawtek, a maker of electric signal processing components, earned 29 cents a share in the year-ago period. At the time of its last earnings warning, the company said it expected revenue and earnings for the rest of the year to be below its previous guidance.
"The results reported today reflect the current downturn in the wireless and telecommunication markets," the company said in a statement. "We have been adversely impacted by the downturn in these markets resulting in lower sales, lower gross margin and lower net income for the quarter."
The company said that it expects the slowdown to continue into the next two quarters. Sawtek also said that revenue should be down about 15% to 20% for fiscal 2001 compared with the previous year. The bottom line will decline slightly more than revenue.
Sawtek said revenue for the quarter ending June 30 should be about 10% below the second quarter's totals. The company said it has cut its workforce in Costa Rica and reduced working hours in an attempt to cut costs.
Shares of Sawtek, which is based in Apopka, Fla., lost $1.38, or 8.9%, to $14.18 in regular-session
trading, and continued falling, to $13.19, in recent after-hours