Sales Jump at C-COR
The company also reported net income of $13.6 million (26 cents per share), versus $11.2 million (22 cents per share) a year earlier.
C-COR noted that it completed the $7 million sale of its Outside Plant and Installation Services unit to Source Broadband Services in the fourth quarter. (See C-COR Divests Outside Plant Unit.)
As a result, C-COR will begin reporting the results of operations and the sale of that business as a discontinued operation. The change affects the company's previously reported financial results as well as those in its fiscal fourth quarter, which will be reported in two components -- continuing operations and discontinued operations.
Fourth quarter income from continuing operations were $8.2 million (16 cents per diluted share), down from $9.9 million (20 cents per diluted share) a year earlier, which included a $9.7 million gain on the sale of trade claims in the bankruptcy cases of Adelphia and a $1.2 million gain on a litigation judgment. Since that time, Adelphia's systems have been divvied up between Time Warner Cable Inc. (NYSE: TWC) and Comcast Corp. (Nasdaq: CMCSA, CMCSK). (See Time Warner, Comcast Buy Adelphia and Adelphia Acquisition Completes.)
Looking ahead, C-COR, which makes cable network gear and video-on-demand (VOD) systems, expects fiscal first-quarter net sales from continuing operations to be between $70 million and $74 million, with earnings in the range of 8 cents to 12 cents per share.
C-COR shares were down $2.06 (14.57%) to $12.08 in early trading Thursday.
Company officials were scheduled to discuss fourth-quarter results and first-quarter guidance this morning.
— Jeff Baumgartner, Site Editor, Cable Digital News