VICTORIA – Vecima Networks said that it will be unable to meet its fiscal 2009 revenue growth targets due to the softening of its markets and shipping delays.
The manufacturer and cable operator said that instead of seeing 20 to 30% growth over fiscal 2008, it anticipates that its year-over-year revenue growth will be flat to down 5%. The company said that revenue for the third quarter ended March 31, 2009 will probably "fall in the range of $20 million”.
"The shortfall in Q3 revenue is reflective of the timing of deliveries for the new network cable product and not of any deterioration in the fundamentals of our business; our solid balance sheet, dynamic product offering, blue-chip customer base, and experienced management team continue to be our proven strengths," said CEO and chairman Dr. Surinder Kumar, in the announcement.
The company said that it expects to maintain its “record of profitability” in both the third and fourth quarter. It will announce its financial and operational results on May 14, 2009.
