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Harmonic posts Q1 net loss

The company reported net sales of $67.76m compared to $87.27m in the first quarter of 2008

By CBR Staff Writer

Harmonic, a provider of broadcast and on-demand video delivery solutions, has reported a GAAP net loss of $18.84m, or $0.20 per diluted share, for the first quarter ended April 3, 2009, compared to a net income of $13.35m, or $0.14 per diluted share, for the same period of 2008.

For the first quarter of 2009, the company reported net sales of $67.76m, compared to $87.27m in the first quarter of 2008.

For the first quarter of 2009, the company reported charges totaling $11.9m, which were primarily related to the acquisition of Scopus, including inventory provisions arising from discontinued Scopus products, transaction fees and expenses, and severance costs.

Patrick Harshman, president and CEO of Harmonic, said: We continued to see weakness in global customer spending through most of the first quarter. Given this environment, we are pleased with our gross margins and operating expense control.

Heading into the second quarter, we are seeing some signs of improving customer spending as well as positive customer response to our newest products. The recent acquisition of Scopus is further expanding our range of new products, capabilities and customers, and its integration is proceeding as planned.

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