Tekelec Files Revised Financials, Reports $33.7M Loss for 2005
Posted May 31, 2006 12:29 p.m. EDT
MORRISVILLE, N.C. — Tekelec
posted revised earnings reports for 2003 and 2004 as well as the first three quarters of 2005 on Thursday after the markets closed, presenting a mixed bag of results.
The telecom gear manufacturer still faces delisting from Nasdaq in mid-July for failure to post earnings reports for the first quarter of this year. Its stock closed Tuesday at $14.29.
Tekelec (Nasdaq: TKLC) has been reviewing its financials for several months based on when certain revenues and costs should be recorded. As a result, some revenues already reported were removed and will be added later.
The revisions left Tekelec with $10.2 million less in revenue, or $253.5 million, for 2003. That dropped earnings per share to 28 cents from 29 cents.
For 2004, revenues dropped $29 million to $368.9 million, or 27 cents a share. The company had reported earnings of 53 cents.
First-quarter revenues in 2005 increased $19.5 million to $138.9 million. However, second quarter and third quarter revenues dropped $10 million and $27 million respectively.
Due to one-time costs, restatement costs and other expenses, Tekelec reported a $47.9 million loss for the fourth quarter of 2005. Revenues were $154.3 million, up 53 percent from a year earlier.
For all 2005, Tekelec reported a loss of $33.7 million, or 51 cents a share, on revenues of $536.9 million, an increase of 46 percent over 2004.
Tekelec executives will host a conference call after the markets close on Thursday to discuss the financials.