Network vendor C-COR has reported increased year-on-year sales for its fourth quarter and full year. However, both its income and results from one off gains are down.
Net sales from continuing operations for the fourth quarter were $74.4 million, compared to $59.6 million in the same period last year and $73 million last quarter. Bookings in the fourth quarter of fiscal year 2007 were $68.6 million for a book-to-bill ratio of .92. Net sales from continuing operations for the entire fiscal year 2007 were $277.3 million, compared to $213.9 million in fiscal year 2006.
Bookings for the entire fiscal year 2007 were $292.2 million for a book-to-bill ratio of 1.05. The financial results for the fourth quarter and fiscal year 2006 included one additional week of operations compared to the fiscal year 2007 periods.
Income from continuing operations for the fourth quarter of fiscal year 2007 was $8.2 million, compared to $9.9 million for the same period last year. Included in income from continuing operations for the fourth quarter of fiscal year 2006 were a $9.7 million gain on the sale of trade claims in the bankruptcy cases of Adelphia and its affiliates and a $1.2 million gain on a litigation judgment. Income per share from continuing operations on a diluted basis for the fourth quarter of fiscal year 2007 was $.16 compared to $.20 for the same period last year. C-COR’s results from continuing operations for the fourth quarter of fiscal year 2007 included $1.4 million of stock compensation expense, $799,000 of amortization related to intangible assets, and $180,000 of restructuring charges.
C-COR anticipates that net sales from continuing operations for the first quarter of fiscal year 2008, ending September 28 2007, will be between $70.0 and $74.0 million, with earnings per share from continuing operations of between $.08 and $.12. These forecasts include approximately $650,000 of amortization related to intangible assets, $2.7 million of stock compensation expense, and $200,000 of restructuring charges.