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Efficient Networks posts second-quarter loss

The company posts a smaller than expected loss for its second quarter, beating reduced analyst numbers, but revenue falls short of estimates.

    Efficient Networks posted a smaller than expected loss for its second quarter, beating reduced analyst numbers, but revenue fell short of estimates.

    For the quarter ending Dec. 31, the broadband access equipment provider lost $7.3 million, or 12 cents a share, excluding amortization of deferred stock option compensation and goodwill charges. Efficient warned of a revenue shortfall earlier this month. First Call's reduced consensus number had been for a loss of 20 cents a share.

    Revenues for the period were $102.5 million, lower than the Street's target of $120.7 million.

    In the year-ago quarter, the company lost 14 cents a share on revenues of $29.6 million.

    According to Efficient Networks' Chief Executive Mark Floyd, despite the revenue shortfall, demand for DSL (digital subscriber line) products remains strong. Floyd added that the company's balance sheet is robust, with $436 million in cash and short-term investments.

    Gross margins in the second quarter were 33.1 percent, compared to 32.7 percent for the previous quarter.

    Including charges, the company lost $56.3 million, or 96 cents a share, compared with the $45.2 million, or 77 cents a share, loss seen in the previous quarter.