C-COR Buys Philips Broadband

C-COR completes its purchase of Philips; EPS for the quarter ending September 27 to reflect a loss of between $0.17 and $0.22

September 16, 2002

1 Min Read

STATE COLLEGE, Pa. -- C-COR.net Corp. (Nasdaq: CCBL), a global provider of broadband technology and services, announced today that it had completed its purchase of Philips Broadband Networks (BN), under the terms and conditions previously announced on July 8, 2002. With the completion of this purchase, Philips BN becomes a part of C-COR's Broadband Communications Products (BCP) division, headquartered in Meriden, Connecticut. C-COR expects that the integration of Philips BN into the BCP division will be substantially completed by the end of calendar year 2002. The effective date of the acquisition for accounting purposes is August 26, 2002, the end of Philips' fiscal month. Accordingly, C-COR will include the financial results of the acquired business for a five-week period for the quarter ending September 27, 2002. Taking into account the acquisition and current business conditions, C-COR anticipates that net sales for the quarter ending September 27, 2002, will be approximately $45 million and that earnings per share will reflect a loss of between ($.17) and ($.22) on a GAAP basis. Earnings per share on a pro forma basis are expected to be a loss of between ($.15) and ($.20). C-COR.net

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