Enterasys expects $120M in Q3 revenue

By siliconindia   |   Tuesday, 24 September 2002, 07:00 Hrs
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Enterasys Networks expects third- quarter revenue essentially in line with analysts' estimates and said it is reviewing the treatment of certain accounting matters in cooperation with its auditors and the Securities and Exchange Commission.

ROCHESTER: In a press release Monday, the networking-equipment maker said revenue for the third quarter ending Sept. 28 is showing "continued stability" and should total about $120 million.

A Thomson First Call survey of three analysts produced a mean revenue estimate of $120.5 million for the period.

In connection with its internal review of historical revenue recognition practices, which is now substantially complete, Enterasys said it expects to reach a final determination on the appropriate accounting treatment of certain " complex" accounting issues in October.

The company expects to file its restated and other pending financial results shortly thereafter. Enterasys has said its restated financial results will likely contain significant adjustments to revenue recorded for the 10-month period ended Dec. 29, 2001, and the fiscal year ended March 3, 2001.

Enterasys doesn't expect the anticipated restatement of prior period results to have an impact on its current cash position.

The company posted income before items of 5 cents a share, on revenue of $ 105.5 million for the third quarter ended Sept. 29, 2001.

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