Capital Markets: CommScope invests in Hydrogenics; Veraz plans merger with Dialogic; and more

Hydrogenics Corp., which develops products based on hydrogen generation and fuel cell technologies, forged a strategic alliance with CommScope Inc. (CTV) that calls for the companies to jointly develop next-generation power modules for telecom backup power applications. The deal includes an equity investment of up to $8.5 million in Hydrogenics. CommScope will own nearly 20% of Hydrogenic’s outstanding stock following the first tranche investment.
Veraz Networks Inc. announced plans to merge with Dialogic Corp. The company filed a definitive proxy statement with the Securities and Exchange Commission in connection with the planned merger, which has been approved by both companies’ boards of directors. Following the transaction, Dialogic will own about 70% and Veraz will own 30% of the new company, which will operate under the Dialogic name.
Research In Motion (RIMM) said it has agreed to purchase for cancellation 1.53 million of its outstanding common shares, or about 0.28% of its common shares outstanding. The $79.8 million repurchase is part of a private agreement between the company and a third party financial institution.
PCTEL Inc.‘s (PCTI) board of directors authorized an additional $5 million to buy back shares in the company. Shares can be repurchased during the company’s open trading window, which usually occurs during the middle five weeks of each quarter.
American Tower (AMT) said it closed its acquisition of Essar Telecom Infrastructure Pvt. Ltd. from the Essar Group. The transaction was conducted via American Tower’s Indian subsidiary, Transcend Infrastructure Ltd. The transaction, which was announced in February, gives American Tower ETIPL’s portfolio of more than 4,600 tower sites in 14 telecom circles in India.
Strategic Products and Services and Consultedge Inc. said they have completed their merger. The combined company will operate under the SPS name. The companies both specialize in design, installation and support of converged communication solutions, advanced IP telephony applications, unified communications, network infrastructure and mobility solutions.
AT&T (T) announced it commenced a private offer to exchange its outstanding 8.750% senior notes of New Cingular Wireless Services Inc., which are due in 2031, and outstanding 8.00% senior notes of AT&T Corp. due in 2031 for a new series of senior notes due in 2040.
MetroPCS (PCS) said revenues for the second quarter were $1.01 billion, up from $860 million during the same period last year. Net income for the quarter was $80 million, or 22 cents per share, compared with net income of $26 million, or 7 cents per share, during year-ago quarter.
NTELOS (NTLS) reported revenues of $132.3 million for the second quarter, down from revenues of $140 million during the second quarter of last year. Net income was $13.4 million, or 31 cents per share, compared with net income of $17.6 million, or 41 cents per share, during the same period last year.
U.S. Cellular said its service revenues for the second quarter were $972.6 million, down slightly from revenues of $974.3 million during last year’s second quarter. Net income for the quarter was $40.8 million, or 47 cents per share, compared with net income of $81.8 million, or 94 cents per share, during the same quarter a year ago.
Openwave said its revenues for its fourth fiscal quarter were $43.6 million, down from revenues of $47.9 million during the same period last year. Net loss for the quarter was $2.9 million, or 3 cents per share, compared with net loss of $3.4 million, or 4 cents per share, during the corresponding quarter last year.
UTStarcom Inc. (UTSI) reported net sales of $73.2 million for the second quarter of 2010, which was down from sales of $80.2 million during last year’s second quarter. Net loss for the quarter was $9 million, or 7 cents per share, compared with net loss of $84.3 million, or 66 cents per share, during the same period a year ago.
ADC Telecom (ADCT), which is being acquired by Tyco Electronics, reported sales for its third fiscal quarter of $304.4 million, up 4.9% from sales of $290.3 million during the same period last year. Net income was $75.7 million, or 68 cents per share, compared with net income of $6.9 million, or 7 cents per share, during the corresponding period last year.
Brightpoint Inc. (CELL) said its revenues for the second quarter were $788.6 million, up 11% from revenues of$707.7 million during the same period last year. Net income for the quarter was $3 million, or 4 cents per share, compared with net income of $167,000, or breakeven per share, during last year’s second quarter.
Clearwire reported revenue of $122.5 million for the second quarter, up 93% from revenues of $63.6 million the company reported during the same period last year. Net loss for the quarter was $125.9 million, or 61 cents per share, compared with net loss of $73.4 million, or 38 cents per share, the company reported during last year’s second quarter.
EMS Technologies (ELMG) said its net sales for the second quarter were $88.5 million, down from revenues of $96.9 million during last year’s second quarter. Net income was $3.9 million, or 25 cents per share, compared with net income of $3.2 million, or 21 cents per share, during the same period last year.
InterDigital (IDCC) released financial guidance for the third quarter. The company said it expects revenues to range from $88.5 million to $90.5 million, which represents year-over-year growth of 17% to 20%.
Symantec closed its acquisition of Verisign‘s (VRSN) authentication services business, according to the companies. The deal was valued at $1.28 billion.