Cypress Communications on Monday posted a wider-than-expected first-quarter loss of $24.7 million, or 50 cents a share, on sales of $4.7 million. First Call consensus pegged the broadband communications services provider for a loss of only 48 cents a share in the quarter.
The $4.7 million in sales represents an 88 percent improvement from the year-ago quarter when it posted a net loss of $30.2 million, or 63 cents a share, on sales of $2.5 million. Company executives said the company exited the quarter with $62.2 million in cash and short-term investments, down from $95.9 million at the end of the fourth quarter. Last quarter, Cypress lost $94.9 million, or $1.98 a share, on sales of $4.3 million. Its shares rallied to a 52-week high of $11.75 last May before slumping to a low of 41 cents a share in April.