Harmonic Q1 Revenue Down, Losses Up

28 Apr

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Harmonic Inc.  announced that its Q1 net revenue for the first quarter of 2012 was $127.7 million, compared to $132.8 million in the first quarter of 2011. As previously announced, net revenue for the first quarter of 2012 was adversely impacted by an unexpectedly slow order rate in the early part of the quarter and a decline in demand from European customers throughout the quarter.
The Company reported a GAAP net loss for the first quarter of 2012 of $7.5 million, or ($0.06) per share, compared to GAAP net income of $0.5 million, or $0.00 per share, for the first quarter of 2011.
“We got off to an unusually slow start in the first quarter and our European business remained soft throughout the quarter, but our bookings growth in other geographies underscores the fundamental strength of our business,” said Patrick Harshman, president and chief executive officer.
“While we have uncertain near-term visibility regarding our European business, we continue to expect sequential growth in the second quarter and believe that the global proliferation of video content and media outlets, along with increasing demand for higher quality video in every format delivered over bandwidth constrained networks, plays to our core strengths.”
Harmonic anticipates net revenue in a range of $130 million to $140 million for the second quarter of 2012. GAAP gross margins and operating expenses for the second quarter of 2012 are expected to be in the range of 44% to 46% and $62 million to $63 million, respectively.

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