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In a release, the company stated:
- Revenue for the third quarter of 2008 was $32.0 million compared with $40.1 million for the second quarter of 2008 and $41.6 million for the third quarter of 2007. Net loss for the third quarter of 2008, calculated in accordance with generally accepted accounting principles ("GAAP"), was $6.5 million or $0.04 per share compared with a net loss of $80.3 million or $0.53 per share for the second quarter of 2008, and a net loss of $1.5 million or $0.01 per share for the third quarter of 2007. Pro forma earnings before stock-based compensation, interest, taxes, depreciation, restructuring, lease liability accruals, gain on sale of intangible assets, and goodwill impairment ("EBITDA") was a $4.6 million loss for the third quarter of 2008, compared to a pro forma EBITDA loss of $5.2 million for the second quarter of 2008, and pro forma EBITDA loss of $4.9 million for the third quarter of 2007.
Zhone's chief executive officer Mory Ejabat said, "Our new product releases and customer wins were unfortunately overshadowed by weaker than expected financial performance. The global credit contraction caused many of our customers to defer or reduce network expansion. Until the economic environment improves, we will continue to reduce operating expenses and improve gross margins by reducing the cost of our products."
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
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