ATLANTA-Enhanced services and messaging solutions provider Glenayre Technologies Inc. released third-quarter results this week.
The company reported $14.5 million in revenue, up from September estimates of $13 million to $14 million, but down from last quarter’s $18.1 million. The company recorded a net loss of $1.8 million, or 3 cents per share, well below last quarter’s income of $12.1 million, or 19 cents per share.
Glenayre President and Chief Executive Officer Eric Doggett said that although capital spending in the sector continues to decrease and “the market will remain under pressure for some time, Glenayre is actively working with our customers to address their short and long-term business needs.” Doggett said Glenayre expects fourth-quarter 2002 revenues of approximately $12 million and expects to end the year debt free with strong total cash and a short-term investment position of $100 million.
