Harmonic Inc. (HLIT: Quote) announced preliminary results for the first-quarter ended March 30, 2012. The company lowered its first quarter of 2012 net revenue guidance to a range of $125 million - $128 million, from its previous guidance of $132 million - $142 million.
Non-GAAP gross margin for the first-quarter is now expected to be in the range of 46% to 48%, compared to the Company's previous guidance of 50% to 52%. Non-GAAP operating expenses are expected to be in the range of $56 million to $57 million, in line with the Company's previous guidance. Non-GAAP income per share is expected to be in the range of $0.02 to $0.03 per share.
Preliminary total bookings for the first quarter of 2012 were approximately $142.5 million, up 8% from $131.6 million in the first quarter of 2011.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.09 per share on revenues of $136.62 million for the first-quarter. Analysts' estimates typically exclude special items.
"Although total bookings met our expectations, our first quarter revenue was adversely impacted by the slower than expected order rate in the early part of the quarter and a decline in demand from our European customers," said Patrick Harshman, president and chief executive officer.
Looking ahead, our bookings growth and expanding footprint lead us to expect sequential growth in the second quarter and, more generally, point to the fundamental strength of our business," said Patrick Harshman.
by RTT Staff Writer
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