February 14, 2011 / 9:34 PM / 7 years ago

UPDATE 1-Vecima Networks posts Q2 adj loss on product delays

* Q2 EPS C$0.31 vs C$0.13 year ago

* Q2 adjusted loss C$3 mln

* Revenue down 28 pct at C$20.1 mln

Feb 14 (Reuters) - Canada’s Vecima Networks posted an adjusted quarterly loss, hurt by delays in the launch of new products, as well as a weak U.S. market.

The company, which makes broadband access products used in cable, wireless and telephony networks, forecast revenue of C$85-$95 million for the year.

“As the US economy gradually recovers from its deep recession, we anticipate improvement in our results later in the year,” Chief Executive Surinder Kumar said in a statement.

Second-quarter earnings came in at C$7 million, or 31 Canadian cents a share, up from C$2.9 million, or 13 Canadian cents a share, a year ago.

Net income for the current period includes a gain of C$14 million on the sale of Vecima’s 2.5 - 2.6 GHz radio spectrum.

Excluding items, the company posted a loss of C$3 million for the quarter.

Revenue fell 28 percent to C$20.1 million.

Analysts on average expected earnings of 4 Canadian cents a share, on revenue of C$28.6 million, according to Thomson Reuters I/B/E/S.

Shares of the Victoria, British Columbia-based company ended at C$4.25 on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar, Editing by Vyas Mohan)

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