On Tuesday Cabletron Systems reported a first-quarter loss of $US22.5 million or 13 cents per share. The loss was greater than what the company reported last quarter, but down substantially from the loss posted a year ago.
The company's net loss in the fourth quarter of last fiscal year was $US12.7 million or 7 cents per share. A year ago, the networking company reported a loss of $US154.6 million or 95 cents per share.
For the latest quarter, ending May 31, the New Hampshire-based company had income of $US7.3 million or 4 cents per diluted share, up from the $US3.8 million in the fourth quarter. The company posted sales of $US349.5 million, down from the $US365.7 million it had in the year-ago quarter, but up slightly from $US345.1 million in sales last quarter.
Earlier this month, Cabletron announced that company co-founder Craig Benson was stepping down as chairman, president and chief executive officer -- the third change in top leadership in less than two years. He was succeeded by Piyush Patel, who was head of Yago Systems, a closely-held company acquired by Cabletron last year. http://www.cabletron.com