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JNI sees 4Q profits of 18 to 22 cents

JNI (Nasdaq: JNIC) expects to report fourth quarter earnings somewhere around expectations as revenue rises.

On Monday, the Fibre Channel adapter vendor said it sees fourth quarter earnings ranging between 18 and 22 cents per share, excluding amortization. First Call consensus predicts earnings of 20 cents a share.

Shares of JNI closed up 7.56 to 63 Friday.

Based on a preliminary review, JNI's revenues are expected to rise 110 percent to 140 percent from revenue of $14.4 million in the fourth quarter of 1999.

Fourth quarter net income, excluding goodwill writedowns, is expected to increase 270 percent to 355 percent over net income of $1.37 million for the same year ago period.

For the year ending Dec. 31, JNI expects revenues to increase 155 percent to 165 percent over revenues of $40.2 million reported for 1999. Net income (excluding amortization) is expected to increase approximately 485 percent to 525 percent over 1999 net income of $2.66 million.

JNI said it only reports revenue for those products that have already been shipped to end-user customers by its distribution partners, and therefore has greater visibility over competitors.

The company said it plans to announce final results for the fourth quarter and year end during the week of Jan. 22, 2001.

JNI recently challenged articles which it believed had harmed its share price.