Osicom slides on 2Q results

Osicom Technologies Inc. (Nasdaq: FIBR) fell 10 percent Friday after announcing its second quarter results. There were no consensus expectations, as no analysts cover the company.

Shares in the developer of metropolitan optical networking systems were down 4.13 to 35.88.

After Thursday's bell, Osicom announced loss from continuing operations was $13.5 million, or $1.21 per share, compared to a net loss of $2.5 million, or 29 cents a share, a year ago. For the six months ended July 31, 2000, the net loss from continuing operations was $26.4 million, or $2.36 per share, compared with $3.5 million, or 45 cents a share, a year ago.

The increase in the net loss from continuing operations was primarily due to increased engineering, research and development, and other expenses reflecting the expansion of operations in its Sorrento Networks subsidiary, the company said.

Revenues for the second quarter were $11.4 million, up from the $9.7 million brought in during last year's second quarter.

Revenues for the six months ended July 31, 2000 were $21.4 million, as compared to $23.0 million in last's year's six-month period. Revenue in the quarter and six-month periods include the company's Sorrento Networks, Meret Optical and Entrada Networks operations.

On September 1, Osicom launched Entrada (Nasdaq: ESAN) as an independent pure play in the SAN segment of the networking space. Revenue from Entrada Networks totaled $6.0 million in the fiscal 2001 second quarter, compared with $6.6 million in the same period last year and $3.7 million in the first quarter of this fiscal year.

Entrada shares were down 0.59 to 5.03.