Ikanos narrows Q1 loss
Written on April 25, 2008
Ikanos Communications Inc. on Thursday reported a $4.8 million first-quarter loss, compared with $9.1 million in the year-ago quarter.
The Fremont networking equipment maker reported increased revenue of $29.7 million compared with revenue of $24.7 million for the first quarter of 2007.
"I am excited about our future at Ikanos and I believe we have the technology, the resources, and the customer relationships to position us well in the marketplace," said Michael Ricci, Ikanos' president and CEO, told investors on the company's earnings call internet payday loans.
Ricci also noted a new program to repurchase, "as opportunities arise," shares of Ikanos' common stock having an aggregate value of up to $10 million.
"We believe that this is an appropriate use of cash at this time as well as a benefit to our stockholders," he stated.
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