Business
Vecima Announces Preliminary Third Quarter Revenue Numbers; Updates Fiscal 2009 Revenue Guidance
VICTORIA, April 28 /CNW/ - Vecima Networks Inc. ("Vecima") (TSX:VCM), a leading provider of equip...
About this update from Vecima Networks Inc.
[{"type":"text","content":"\n\n\n\nVICTORIA, April 28 /CNW/ - Vecima Networks Inc. ("Vecima") (TSX:VCM), a\nleading provider of equipment supporting broadband access to cable, wireless\nand telephony networks, today announced that as a result of delay in shipping\nits new product and general softening of markets, it expects to report revenue\nfor the third quarter ended March 31, 2009 in the range of $20 million. As a\nresult of the lower than anticipated revenue recorded in the third quarter,\nthe Company now believes that it will not be able to meet its fiscal 2009\nrevenue growth target of 20 to 30 per cent over fiscal 2008, and instead\nanticipates year over year revenue growth will be flat to down 5 per cent. The\nCompany expects to maintain its record of profitability in both the third\nquarter and fourth quarter.\n\n\n"The shortfall in Q3 revenue is reflective of the timing of deliveries\nfor the new network cable product and not of any deterioration in the\nfundamentals of our business; our solid balance sheet, dynamic product\noffering, blue-chip customer base, and experienced management team continue to\nbe our proven strengths," said Vecima Chief Executive and Chairman, Dr.\nSurinder Kumar. "Based on orders in hand and strong customer forecast demand\nfor this new cable product, we remain excited about the prospects for our new\nproduct offerings. Because of our new product offerings, as we come out of\nthis general economic slow down, we believe our future annual growth will\nexceed our traditional range of 20 to 30 per cent."\n\n\nVecima intends to hold a conference call and live audio webcast on\nThursday, May 14, 2009 at 11 a.m. (ET) to discuss its financial and\noperational results for the three month and nine month periods ended March 31,\n2009. A press release announcing the results will be issued the day of the\ncall, prior to markets opening.\n\n\nAbout Vecima Networks\n\n\nVecima Networks Inc. (TSX:VCM) designs, manufactures and sells products\nthat enable broadband access to cable, wireless and telephony networks.\nVecima's hardware products incorporate original embedded software to meet the\ncomplex requirements of next-generation, high-speed digital networks. Service\nproviders use Vecima's solutions to deliver services to a converging worldwide\nbroadband market, including what are commonly known as &...