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Terayon exceeds 1Q estimates, sets split date

Terayon Communication Systems (Nasdaq: TERN) earned more than expected in the first quarter.

After market close Tuesday, the maker of broadband network equipment reported net income of $1.9 million, or 6 cents per share, excluding special charges. First Call's survey of eight analysts predicted earnings of 4 cents per share for the quarter ended March 31.

Including charges for in-process R&D, goodwill writedowns and the cost of warrants to buy common stock, Terayon lost $28.4 million, or $1.04 per share.

Also Tuesday, Terayon said its shareholders gave the nod to a 2-for-1 stock split previously approved by the company's board of directors. The split will take effect after market close May 5, for shareholders of April 25 record.

First quarter revenue increased to $59.3 million from $15.9 million in the year ago period. "Our results demonstrate that Terayon is becoming well positioned in the broadband market, and is scaling to meet the demands of this growing market," CEO Zaki Rakib said. "We are continuing our broadband expansion via both internal development and growth by acquisition."

Competitors of Terayon include 3Com (Nasdaq: COMS) and Motorola (NYSE: MOT).>