Ikanos Q3 net loss widens

Mon. October 27, 2008; Posted: 12:40 PM

Oct 27, 2008 (Datamonitor via COMTEX) -- IKAN | Quote | Chart | News | PowerRating -- Ikanos Communications has reported GAAP net loss of $26.7 million, or $0.93 per share, for the third quarter of 2008, on 28.6 million weighted average shares. This compares with a net loss of $13 million, or $0.45 per share, on 28.7 million weighted average shares in the third quarter of 2007.

Revenue for the third quarter of 2008 was $24.2 million compared with revenue of $27.3 million for the same period of 2007. Revenue for the nine months ended September 28, 2008 was $83.7 million, an increase of 8%, compared with the $77.6 million reported for the same period of 2007.

GAAP net loss for the nine months ended September 28, 2008 was $35.4 million, or $1.22 per share, on 29.1 million weighted average shares. This compares with a net loss of $29.2 million, or $1.03 per share, on 28.4 million weighted average shares for the same period of 2007.

Michael Gulett, president and CEO of Ikanos, said: "Our third quarter results represent continued deployments of our VDSL2 and residential gateway products used by service providers worldwide. These deployments underscore the desire for higher levels of bandwidth to support new revenue-generating services like high-definition IPTV."

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