HOLTSVILLE, N.Y.-Symbol Technologies Inc., which makes wireless and mobile devices for workers, said it expects revenue for its first quarter to be 20 percent higher than the $301 million it reported during the same quarter last year, but said its various expenses are dragging its earnings down.
The company’s stock rose slightly to about $9.68 per share after the news.
Symbol said its expenses cover professional fees associated with its previously announced Securities and Exchange Commission investigation as well as improperly reported financials and restructuring expenditures.
“Our first quarter is traditionally challenging for Symbol Technologies, so we were pleased to see quarterly revenue as strong as it was, especially given the state of the global economy, unstable geopolitical environment and continued weak capital spending,” said William Nuti, the company’s president and chief operating officer. “While our outlook for the next several quarters remains cautiously optimistic, we are focused on those factors under our control, with restructuring, consolidation and other cost-containment measures progressing.”
