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C-COR Reports Fiscal Q1

STATE COLLEGE, Pa. -- C-COR Incorporated (NASDAQ:CCBL) today reported its financial results for the first quarter of fiscal year 2007, ended September 29, 2006. Net sales for the first quarter were $69.6 million compared to $63.5 million for the same period last year. Bookings in the first quarter of fiscal year 2007 were $72.2 million for a book-to-bill ratio of 1.04.

The net income for the first quarter of fiscal year 2007 was $1.6 million, compared to a net loss of $14.8 million for the same period last year. The net income per share on a basic and diluted basis for the first quarter of fiscal year 2007 was $.03 compared to basic and diluted net loss per share of $.31 for the same period last year. C-COR's results for the first quarter of fiscal year 2007 included $829,000 of amortization related to intangible assets, $400,000 of restructuring charges, a $245,000 loss related to the sale of a product line, and $1.1 million of stock compensation expense. These items, which equate to $.05 on a diluted per share basis, are included in results reported under generally accepted accounting principles (GAAP), but are typically excluded from the analysts’ estimates comprising the First Call consensus number. C-COR is breaking out these numbers to improve comparability of the reported GAAP results and the non-GAAP First Call number.

C-COR anticipates that net sales for the second quarter of fiscal year 2007, ending December 29, 2006, will be between $68.5 and $72.5 million with net earnings per share of between $.03 and $.07. These projections include $829,000 of amortization related to intangible assets, $650,000 of stock compensation expense, and approximately $250,000 of restructuring charges. These items, which are projected to equate to $.03 per diluted share, are typically excluded from the First Call analysts' projections. C-COR is breaking out these numbers to improve comparability of the projected GAAP results and the non-GAAP First Call number.

C-COR Corp. (Nasdaq: CCBL)

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