Osicom Technologies Inc has warned that its will report a substantial loss for its third quarter. According to the fiber optic and wireless communications company, the losses stem from reduced shipments following a downturn in shipments to its established OEM customers. The company’s third quarter revenue is anticipated to be lower than the prior quarter, said John Gorman, Osicom’s chief financial officer, adding that we expect a return to at-least-historical shipment levels in the fourth quarter. The company also says that it will take a charge in the third quarter related to the settlement of a class action suit that was filed against in the third quarter following an agreement to settle a suit filed by former shareholders of Builders Warehouse Association Inc – a company that Osicom acquired in September 1996. For its second quarter, Santa Monica, California-based Osicom reported net losses of $12.8m down from $18.8m last time on revenue up 18.8% at $32.6m and in the first quarter net profits up 101.5% at $917,000 on revenues up 79.8% to $32.6m.
