Autor: JBond
Data: 18-07-2003 11:41
Redback narrows loss, but sales sink
WASHINGTON (CBS.MW) -- Redback Networks said Wednesday that it narrowed its second-quarter loss, but shrinking sales indicate no signs of an imminent turnaround at the struggling supplier of high-speed Internet gear.
In the latest quarter, the San Jose, Calif.-based vendor said it lost $51 million, or 28 cents a share, down from a loss of $65.1 million, or 40 cents, a year earlier.
Excluding onetime items, Redback said it lost $26.3 million, or 15 cents, compared with a loss of $26.4 million, or 16 cents. The company was expected to lose 12 cents, according to the consensus of analysts surveyed by Thomson First Call.
Revenue fell to $22.2 million from $29.5 million in the prior quarter and from $40.1 million a year ago.
The company warned in early July that revenue would fall well short of expectations, citing weak sales in Asia. Wall Street had been projecting revenue of $30 million.
On Wednesday, shares of Redback (RBAK slid 2 cents to close at 39 cents. The stock could be delisted in the near future. Nasdaq has begun proceedings, though Redback has filed an appeal
The company could also be forced to file for bankruptcy protection if a debt-for-equity plan is rejected by investors. See full story.
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