CHARLOTTE, N.C.-Glenayre Technologies Inc. posted its earnings for the first quarter, which are down from the company’s revenues last year but are in line with expectations and the current market slowdown.
Net sales for the company totaled $45.9 million, a 22-percent drop from the same quarter last year. Revenue from the company’s Enhanced Services Platform/Unified Communications Systems, on which Glenayre is placing much of its hopes for the future, was $26.9 million, down slightly from $28.2 million during the same period last year.
“We remain confident in our growth opportunities and our ability to self fund our growth strategy,” said Bert Klein, Glenayre’s senior vice president and chief financial officer. “We continue to maintain a strong balance sheet with over $81 million in cash and no debt.”
Company officials said Glenayre would soon provide details about its previously announced streamlining plan.
