Symmetricom Q1 Net Loss Widens

(RTTNews) - Symmetricom, Inc. (SYMM) reported a net loss of $1.0 million, or $0.02 per share, for the first quarter, compared to net loss of $0.2 million, or $0.01 per share, for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $0.9 million, or $0.02 per share, compared to $1.6 million, or $0.04 per share, in the prior year quarter.

Net revenue for the first quarter of fiscal 2014 was $48.0 million, compared to $56.4 million reported for the first quarter of fiscal 2013.

Separately, Symmetricom and Microsemi Corp. (MSCC) announced that they have entered into a definitive agreement whereby Microsemi will acquire Symmetricom for $7.18 per share, in a transaction valued at approximately $230 million, net of Symmetricom's projected cash balance at closing. As a result of the pending transaction Symmetricom accelerated the release of its first quarter fiscal 2014 earnings and suspended its prior practice of providing quarterly financial guidance.