FiberTower 1Q net loss widens; expects layoffs, $1.5M-$2M in 2Q, 3Q charges
SAN FRANCISCO, May 09, 2008 (Thomson Financial via COMTEX) -- By Staff Reporter
FiberTower Corp. late Thursday said its first-quarter net loss widened to $120 million, or 83 cents a share, from $25.8 million, or 18 cents a share, a year earlier.
The mean loss estimate of analysts polled by Thomson Reuters was 20 cents a share.
Revenue for the quarter ended March 31 rose to $9.71 million from $5.42 million.
The company also said it expects to cut around 60 fulltime jobs, or 28% of its workforce, resulting in one-time charges in the second and third quarters of between $1.5 million to $2 million. The smaller workforce is expected to yield annual cost savings of $10 million to $12 million, FiberTower said.
Shares of the San Francisco-based company, which provides backhaul services to wireless carriers, fell 7.3% to close at $1.79 but rose 4% to $1.86 in after-hours trading. Brigid Gaffikin bg/gm
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