PETAH TIKVA, Israel-ECI Telecom Ltd. released first-quarter 2003 results and announced changes to its board.
The company reported revenues of $118.7 million, down from $149.2 million in the previous quarter. Operating expenses were down to $54.2 million compared with $69.9 million in the previous quarter. Net loss was $7.8 million or 7 cents per share compared with a loss of $7 million or 6 cents per share in the fourth quarter 2002.
ECI’s Inovia Broadband Access division reported revenues of $50.8 million, down from $52 million last quarter, but said its operating income rose to $5.6 million from $1.8 million in the previous quarter.
Separately, the company announced Shlomo Dovrat, formerly vice chairman of the board, has been named chairman of the board, replacing David Ball, who is stepping down but will remain an adviser. Krish Prabhu, who was a U.S.-based director and former chief executive officer of Alcatel U.S., will replace Dovrat as vice chairman of the board. In addition, Prabhu and Colin Green will join the executive committee of the board.
