Stratos Unloads Semiconductor Biz
CHICAGO -- Stratos Lightwave, Inc., (Nasdaq: STLW - News) a leading supplier of optical subsystems, today announced that it has completed its previously announced decision to sell its Bandwidth Semiconductor subsidiary located in Hudson, New Hampshire, for an undisclosed amount of cash and the assumption of certain obligations, to Spire Corporation of Bedford, Massachusetts.
The Company believes that the sale of its Bandwidth Semiconductor subsidiary will enable it to continue to focus on future opportunities, by divesting non-core units or product lines, and by continuing to take advantage of acquisition opportunities for key enabling technologies. At the same time, Stratos believes that continued careful cost reductions, to further reduce cash burn and breakeven levels, will help it focus its resources where they will provide the best long-term results. No other terms of the sale were disclosed.
Stratos will release its fourth quarter and full fiscal 2003 results on Wednesday, June 25, 2003, after the market closes. Following the release, the Company will host a live audio webcast and conference call at 5:00 pm Eastern time. Investors and other interested parties may listen to the webcast by visiting the investor relations section of the Stratos Lightwave website at www.stratoslightwave.com . James W. McGinley and David A. Slack will discuss the Company's earnings and operations. A webcast replay will also be available on the company's website.
Stratos Lightwave Inc.