CNT (Nasdaq: CMNT) yesterday reported its first combined earnings with Inrange Technologies, exceeding Wall Street estimates and claiming it assimilated Inrange in record time.
The Minneapolis-based storage networking equipment and services vendor said it had revenues of $96.7 million and a net loss of $25.8 million, or $0.96 per share, for the quarter that ended July 31, 2003. Excluding charges related to the acquisition of Inrange, CNT reported a pro-forma profit of $574,000 (see CNT Reports Q2 Loss).
For its third quarter, which ends Oct. 31, CNT said it expects revenue to be in the range of $100 million to $110 million, with profit between 3 and 7 cents per share, excluding amortization and acquisition charges.
The positive results and upbeat forecast pushed CNT's stock up 17.5 percent in afternoon trading, to $7.73, amid an upswing in the broader market for technology shares.
Tom Hudson, CNT's chairman, president, and CEO, said on a conference call with investors yesterday that all of Inrange's operations -- excluding manufacturing -- have been integrated into the rest of the company since CNT closed the acquisition on May 5. He claimed the company has already achieved annual cost savings of $20 million, in large part by laying off 150 Inrange employees (see CNT Completes Inrange Acquisition and CNT Walks Off With Inrange).
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