New ETF Book by Larry Connors - Click here to read more
Orckit posted $1.5 million revenue for the third quarter, down from $5.4 million for the corresponding quarter of 2008 and $4.1 million for the preceding quarter. Orckit has agreements with 12 communications operators around the world, but their orders for equipment were low, due to the global economic climate.
Net loss was $6.8 million ($0.41 per share) for the third quarter, compared with a net loss of $9.7 million for the corresponding quarter and $5.3 million for the preceding quarter.
Orckit had $52.2 million in cash and cash equivalents at the end of September, $1.7 million less than at the end of June. The difference between the net loss and the decline in cash was due to good bill collection from customers, which reduced the accounts receivable to $3.4 million from $7.8 million.
In recent months, Orckit has opened offices in Brazil, Russia, and the Philippines. Orckit chairman president Itzik Tamir said, "We have put in place a platform for future growth by establishing a strong sales and marketing capability and by proving our value proposition to customers in different regions around the world. While visibility remains difficult, we believe that market and technology trends are slowly becoming more positive. We believe that in the third quarter we touched the bottom in terms of revenues and we will start to see an improvement going forward."
Orckit's share fell 7.2 percent at the opening on Nasdaq today to $3.63, giving a market cap of $59 million. The share fell 2.4 percent on the TASE, after initially rising 3.7 percent before the publication of the financials.
To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
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.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
