Vecima downgrades targets for 2009

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...