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Tech Industry

Earnings Roundup: PanAmSat, Infosys and In Focus

    PanAmSat Corp. (Nasdaq: SPOT) said Tuesday it earned 38 cents a share for the first quarter ended March 31, vaulting over First Call's expected profit of 19 cents a share.

    Shares were up 3 5/16 to 48 3/4, or 7 percent Tuesday. The stock got a boost from a deal with RealNetworks (Nasdaq: RNWK) and USWest (NYSE: USW) in March.

    Revenue for the quarter was $299.1 million, compared to the $193.5 million of 1999's comparable quarter. Operating lease revenues, which were 67 percent of total revenues for the first quarter of 2000, increased by 7 percent to $200. Sales and sales-type lease revenue were $99.1 million for the quarter as compared to $6.1 million for the same period in 1999.

    During the quarter, PanAmSat also announced the introduction of NET/36TM, its global Internet Broadcast Network that will be capable of broadcasting IP video, audio, and data simultaneously to thousands of digital subscriber line (DSL) providers, Internet service providers (ISPs) and broadband wireless providers.

    For the three months ended March 31, earnings before net interest expense, income taxes, depreciation, and amortization (EBITDA) were $200.9 million, as compared to EBITDA of $146 million, for the same period in 1999.

    PanAmSat competes with Comsat (NYSE: CQ), Itelsat, a consortium also known as the International Telecommunications Satellite Organization.

    Among other earnings Tuesday:

  • InFocus (Nasdaq: INFS) also announced better than expected first-quarter earnings Tuesday. The company brought in 52 cents a share, compared to First Call's expected 38 cents a share.

    Shares in the company, which makes multimedia projection products, were down 1 9/16 to 36 3/8.

    Revenue was $125.1 million, up 45 percent over 1999's first quarter. Net income in the first quarter was $13.1 million. Earnings of 52 cents a share increased 40 cents over the first quarter of 1999 earnings of 12 cents a share.

    First quarter revenue includes a $4.4 million license fee related to a technology license agreement with Pixelworks. Net income was increased by $2.8 million and earnings increased by 11 cents a share as a result of this transaction.

    The company said its performance was strong due to the sustained growth of the data/video projection market and the overall strength of its product portfolio.

  • Indian computer software leader Infosys Technologies Ltd. (Nasdaq: INFY) also announced quarterly results, and said an increasing number of global software companies were jointly developing software products.

    Shares fell 32 15/16 to 209 3/8, or 13 percent.

    The company reported diluted earnings per ADS of 8 cents a share, or 14 cents a share including compensation arising from the company's stock split. First Call had predicted the company would net 12 cents a share.

    Net income for the quarter was $17.90 million, or $ 9.84 million after excluding compensation arising from stock split.

    Revenue for the quarter increased 77 percent to $ 63.62 million from $ 36.01 million in the quarter ended March 31, 1999. Revenue for the fiscal year ended March 31, 2000 increased 68 percent to $ 203.44 million as against $ 120.96 million in the fiscal year ended March 31, 1999.

    An increasing number of product companies are using its product co-development service for their development requirements, the company said.

    Reuters contributed to this report.


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