C-Cor Updates Financials

Net sales for Q3 are expected to be between $49M and $53M, with a net loss per share of between $0.14 and $0.18 on a GAAP basis

March 3, 2003

1 Min Read

STATE COLLEGE, Pa. -- C-COR.net Corp. (Nasdaq:CCBL - News), a global provider of broadband communications products, software systems, and technical services, today announced that the Company will host a conference call on Tuesday, March 4, 2003, at 11:00 AM (ET) to discuss the current status of business.Net sales for the third quarter of fiscal year 2003, ending March 28, 2003, are expected to be between $49 and $53 million with a net loss per share of between $.14 and $.18 on a GAAP basis. On a pro forma basis, the Company anticipates a net loss per share of between $.13 and $.17. The difference between the GAAP and pro forma projections is the exclusion from the pro forma results of $496,000 of amortization of intangible assets relating to acquisitions. The reduced revenue expectation comes as a result of lower than anticipated international sales and from weather-induced delays in the domestic market.C-COR continues to improve its cost structure, including previously announced actions associated with the integration of Philips Broadband Networks, acquired in September 2002. In line with the integration plan announced in November 2002, C-COR's product development will be centered in the Company's State College, Pennsylvania, and Meriden, Connecticut, facilities. The majority of C-COR's manufacturing will be consolidated into its production facility in Mexico, and the Company's Klagenfurt, Austria, facility will be responsible for European product development and production. In addition, C-COR is closing the legacy Philips' Manlius, New York, and Louviers, France, facilities, and is outsourcing equipment repair services. C-COR expects any remaining integration and consolidation activities involved with these facilities will be completed by June 2003, and anticipates between $16 and $20 million in annual operational savings with a global work force of 1200 employees. C-COR.net

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