Renouard, however, thinks the company will probably do better than it will admit through the rest of the fiscal year. Things are really looking up for them, he says. Business is better. Their gross margin is up to 58 percent, up sequentially from last quarter. I think they're trying to get into a situation where they can beat numbers again.
The management is being prudent, First Albany Corp. analyst Mark Kelleher says. There was nothing in the numbers that was alarming. I hope theyll do better than flat [next quarter].
In addition to lost revenues, the company that counts AT&T Corp. (NYSE: T), Ford Motor Company, General Electric, the U.S. Department of Energy, and Verizon Communications Inc. (NYSE: VZ) among its customers reported that pro forma net income for the second quarter dropped to $7.7 million, or 2 cents per share, from $36.9 million, or 10 cents a share, during the same period a year ago.
The company also took $8 million in restructuring charges that it had announced last quarter, including a 200-headcount reduction. And it had to pay $13 million to write down the value of equity investments and $7 million for the amortization of certain charges.
Still, Warmenhoven's happy with the results. Were much more confident sitting here today than last quarter, he said in the quarterly conference call. And we feel very good about our business. Much better than the last two quarters.
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