Fibre Channel switch maker Inrange Technologies Corp. has lowered its quarterly guidance, citing the negative impact of last week's terrorist attacks in the U.S.
The move is an unhappy first for Inrange. Unlike many of its competitors, Inrange has not had to lower guidance until now. Since its IPO in September 2000, it has achieved quarterly revenue growth of at least 30 percent when compared with the same quarter the year before.
For the second fiscal quarter 2001, for instance, Inrange's total revenues were $69.4 million, a 33 percent increase over the second quarter of 2000, and a 9 percent sequential increase over the first quarter 2001.
Now, Inrange believes that its third-quarter revenues will fall between $55 and $63 million -- representing nearly an 8 percent decrease from third-quarter revenues of 2000 (which were $64 million). Earnings per share could range from a loss per share of $0.02 to positive earnings per share of $0.02.
But even this adjusted guidance isn't certain. Depending on variables related to last week's tragic events, Inrange says third-quarter revenues could drop below the range it's given by as much as $4 million, with a corresponding impact on earnings per share.