HOLTSVILLE, N.Y.-Mobile computing company Symbol Technologies Inc. reported its first and second quarter results, as well as its 1998-2002 restated results that were under investigation by the Securities and Exchange Commission.
For its second quarter, Symbol posted revenues of $375 million, up 15 percent over the same quarter last year. The company’s net earnings in the period were $9 million.
“The financial results of the second quarter are gratifying because they indicate that our fundamental business is on track,” said William Nuti, Symbol’s president and chief operating officer. “Even as we continue working on bringing to closure the financial issues of the past, the Symbol of today is operating with a new management system and planning process that are driving a compelling new vision for Symbol as the leader in enterprise mobility solutions.”
Symbol scored revenues of $379 million in its first quarter, with net earnings of $18 million.
In its restated results for earnings between 1998 and 2002, Symbol reduced its revenues by $223 million and increased its compensation expense by $230 million.
“There previously existed in the company an atmosphere and culture that, we believe, allowed for and fostered a working environment that, ultimately, led to the difficulties we’re now working so hard to correct,” said Richard Bravman, Symbol’s interim chairman and chief executive officer. “Let me assure you that the company’s board, the current leadership team-and I, personally-are very committed to setting this right, definitively putting the issues uncovered through our investigation behind us and realizing the potential that we know is inherent in Symbol.”
The company’s stock was down slightly after the news to $12.97 per share.
