Execs are pleased as net sales expectations are met

February 27, 2002

1 Min Read

CHICAGO -- Stratos Lightwave, Inc., (Nasdaq: STLW) a leading supplier of optical subsystems and optical components, today announced the financial results for its third quarter ended January 31, 2002. The net loss for the third quarter on a pro forma basis was $4.3 million, or $(0.07) per share, compared to net income of $4.8 million, or $0.08 per share for the same period in the prior year. The pro forma results for the third quarter exclude a previously announced restructuring charge relating to its Bandwidth Semiconductor subsidiary and a valuation allowance for deferred tax assets and generated in the current quarter. Total net sales for the third quarter of fiscal 2002 were $12.5 million, meeting management's expectations as announced on December 4, 2001. This was a sequential increase of 3% from the $12.2 million for the second quarter, and a decrease of 69% from the $40.3 million for the same period last year. "We are pleased to report the increase in net sales in spite of the difficult market conditions," remarked Jim McGinley, President and CEO of Stratos. McGinley continued, "We see improvement in certain segments of our markets and expect that to continue over the next several quarters. Design and qualification activity remains active and order rates continue to be vigorous. We have the plan, the products and the team to capitalize on market opportunities proactively and successfully." Stratos Lightwave LLC

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like