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Zarlink posts expected loss, cuts more jobs
By Leo Valiquette, Ottawa Business Journal Staff
Thu, Oct 16, 2003 4:00 PM EST
Pat Brockett
Ottawa's Zarlink Semiconductor Inc. reported weaker second quarter revenues and a net loss in line with last month's warning Thursday and expects a flat showing in the third quarter.
The company reported a net loss of $18.9 million, or 15 cents a share, compared to a net loss of $11.9 million, or 10 cents a share, in last year's third quarter (all figures in U.S. dollars.
Zarlink said seven cents per share of this year's Q3 loss stemmed from severance costs related to the job cuts announced with the first quarter results in July.
Revenues totalled $46.6 million, compared with $46.2 million in the same period last year.
The results were in line with Zarlink's update issued last month. The company warned that a weak August, largely in the Asian market, hammered the quarter. Zarlink had originally forecast a net loss of 12 cents a share on revenue of $51 million.
In a conference call to discuss the warning against what is traditionally the company's weakest quarter, president and CEO Patrick Brockett said the setback was only temporary.
In Thursday's earnings announcement, he reaffirmed that position, but added that the company will seek to cut more costs. That means another five per cent of the company's global workforce will be out on the street despite his assurances in July that no more job cuts would be necessary.
Another five per cent will reduce the global workforce by about 55 positions, leaving it will just over 1,000 staff overall.
"Although bookings are now improving, we are taking additional steps to lower our costs and return the company to profitability," Brockett said in a statement.
For the third quarter of the fiscal year, Zarlink is forecasting relatively flat revenues of $47 million. In last year's Q3, it achieved in $46.8 million. The company said gains in its consumer communications and ultra low-power communications businesses will be offset by declines in network communications' revenues.
Network communications will therefore suffer the brunt of the latest round of cutbacks and reduced spending. Zarlink expects the cutbacks to trim operating costs by $3 million a quarter, with the full benefit felt in the first quarter.
The restructuring charge for the latest job cuts will add up to $4.5 million, or four cents a share, and result in a net loss of 10 cents a share, the company said.
At the end of the second quarter, the company's 90-day backlog stood at $29 million, compared with $33 million at the end of the first quarter. Its cash position was $97 million, compared with $108 million in the first quarter.
By Leo Valiquette, Ottawa Business Journal Staff
Thu, Oct 16, 2003 4:00 PM EST
Pat Brockett
Ottawa's Zarlink Semiconductor Inc. reported weaker second quarter revenues and a net loss in line with last month's warning Thursday and expects a flat showing in the third quarter.
The company reported a net loss of $18.9 million, or 15 cents a share, compared to a net loss of $11.9 million, or 10 cents a share, in last year's third quarter (all figures in U.S. dollars.
Zarlink said seven cents per share of this year's Q3 loss stemmed from severance costs related to the job cuts announced with the first quarter results in July.
Revenues totalled $46.6 million, compared with $46.2 million in the same period last year.
The results were in line with Zarlink's update issued last month. The company warned that a weak August, largely in the Asian market, hammered the quarter. Zarlink had originally forecast a net loss of 12 cents a share on revenue of $51 million.
In a conference call to discuss the warning against what is traditionally the company's weakest quarter, president and CEO Patrick Brockett said the setback was only temporary.
In Thursday's earnings announcement, he reaffirmed that position, but added that the company will seek to cut more costs. That means another five per cent of the company's global workforce will be out on the street despite his assurances in July that no more job cuts would be necessary.
Another five per cent will reduce the global workforce by about 55 positions, leaving it will just over 1,000 staff overall.
"Although bookings are now improving, we are taking additional steps to lower our costs and return the company to profitability," Brockett said in a statement.
For the third quarter of the fiscal year, Zarlink is forecasting relatively flat revenues of $47 million. In last year's Q3, it achieved in $46.8 million. The company said gains in its consumer communications and ultra low-power communications businesses will be offset by declines in network communications' revenues.
Network communications will therefore suffer the brunt of the latest round of cutbacks and reduced spending. Zarlink expects the cutbacks to trim operating costs by $3 million a quarter, with the full benefit felt in the first quarter.
The restructuring charge for the latest job cuts will add up to $4.5 million, or four cents a share, and result in a net loss of 10 cents a share, the company said.
At the end of the second quarter, the company's 90-day backlog stood at $29 million, compared with $33 million at the end of the first quarter. Its cash position was $97 million, compared with $108 million in the first quarter.
