Symmetricom Lowers Q2 Guidance
SAN JOSE, Calif. -- Symmetricom, Inc. (SYMM) updated revenue and earnings per share guidance today for the second quarter of fiscal 2013, ending December 30, 2012.
Second quarter revenue is expected to range from $46.0 to $49.0 million, a revision from previous revenue guidance of $55.0 to $62.0 million. This decrease is due primarily to lower than expected revenue in two areas: U.S. government and domestic communications service provider spending. Purchases of Symmetricom products by U.S. government customers declined further in the second quarter. In addition, wireline-related purchases by communications service providers have been soft, most notably in the United States. Partially offsetting this weakness in the quarter is continued strength in shipments of the company's QuantumTM SA.45s Chip Scale Atomic Clock (CSAC), a key growth initiative for the company.
"Despite the unexpected financial results this quarter, we continue to see strong long-term demand in our key growth areas such as QuantumTM CSAC, PackeTime® and Government Programs," said Dave Cote, president and chief executive officer of Symmetricom. "We have focused, and will continue to focus, on controlling our expenses to effectively manage our business through this period of uncertainty."