Thursday, SMART Modular Technologies Inc. (SMOD) reported that its net loss for the third quarter narrowed from the prior year quarter, primarily due to charges as well as a decline in revenues.
The company recorded a net loss of $2.39 or $0.04 per share, compared to a loss of $11.00 million or $0.18 per share in the year-ago quarter.
Excluding items, net income was $0.9 million or $0.01 per share, compared to $4.9 million, or $0.08 per share for the third quarter of fiscal 2008.
Expenses for the quarter included restructuring charges of $0.95 million, corporate headquarters relocation charges of $0.82 million, and stock-based compensation expenses of $1.48 million.
On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share on revenues of $100.02 million for the third quarter.
Net sales for the quarter declined to $91.65 million from $167.62 million in the prior-year quarter.
The company recorded gross profit for the third quarter of $18.6 million, compared to $24.1 million for the second quarter of fiscal 2009, and $27.8 million for the third quarter of fiscal 2008.
Looking ahead for the fourth quarter, the company expects net loss to be in the range of $00.02 - $0.01 per share, and non-GAAP net income to be in the range of a breakeven to $0.01 per share. Smart estimates, net sales for the fourth quarter to be in the range of $90 million - $100 million.
Analysts currently anticipate earnings of $0.02 per share for the quarter, on revenues of $107.90 million.
SMOD closed Thursday's regular trading at $2.58, up $0.11 or 4.45%, on a volume of 0.358 million shares on the Nasdaq. In after hours, the stock declined $0.13 or 5.04%, trading at $2.45.
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