Newbridge Networks boosted profits by a whopping 50 per cent for its first quarter of fiscal 2000 by controlling costs, following a disasterous 1999 when it issued two profit warnings.
Revenues for the quarter ended 1 August jumped eight per cent to C$495 million, while net earnings climbed 50 per cent to C$47 million, or $0.18 a share. Analysts polled by First Call had expected earnings per share of $0.16.
During its previous fiscal year, the telecoms equipment supplier blamed weak order fulfilment processes for the profit warnings that it issued prior to posting its third and fourth quarter results. But it said that "closely controlled" operating expenses this quarter had helped it turn in a solid first quarter.
Alan Lutz, Newbridge’s president and chief operating officer, said: "We said we were going to fix our supply line management issues and we largely have. We said we were going to achieve significant growth and we did. We said we were going to control expenditure and margins and we did. The supply line management issues outlined at the beginning of the quarter have been largely rectified, eliminating the constraint on our ability to grow the business."
He added that the firm sold $357 million worth of Wan packet products, which represented sequential growth of 12 per cent, while sales of its flagship Wan product, the Mainstreetxpress 36170 ATM switch, saw sequential growth of 16 per cent.
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