Symmetricom (SYMM) hit a 52-week low of $5.10, down 15% in early trading after warning of lower-than-expected results for its first quarter as a result of the slowdown in spending by the telecom industry overall.
The telecom equipment company supplier said it now expects a net loss between 5 cents and 10 cents a share on revenue of $17 million to $20 million, compared to earnings of 22 cents a share on revenue of $36 million in the year-ago period. The company earned 20 cents a share on revenue of $39.2 million in the fourth quarter.
Analysts were expecting the company to earn 3 cents a share in the first quarter, according to
Thomson Financial/First Call
Furthermore, in a company release, CEO and President Thomas Steipp said it is "too soon to tell" if disruptions stemming from the New York terrorist attack will impact sales or distribution from the company's manufacturing facilities in Puerto Rico.
Symmetricom will report final results for its first fiscal quarter Oct. 25.