Harmonic reported third-quarter revenue of 148.8 million dollars from continuing operations, up 64 per cent from a year earlier. The broadband company’s results follow the sale of its video business. Operating profit increased, while its backlog and deferred revenue exceeded the year-earlier level and it repaid part of its revolving credit facility.
Harmonic, a supplier of broadband network systems, released its third-quarter earnings and revenue results on November 2. The figures cover the company’s continuing operations.[1], [2]
For the quarter ended October 2, continuing-operations revenue reached 148.8 million dollars, against 90.5 million dollars a year earlier, an increase of 64 per cent. Operating profit rose from 4 million dollars to 26.2 million dollars.[1]
The company sold its video business to MediaKind in June. That operation is classified as discontinued across the comparative periods, leaving Broadband as its single reporting segment. Closing proceeds were 137.9 million dollars, subject to final adjustments. Quarterly operating profit included about 1.5 million dollars of costs remaining after the disposal.[1]
Bookings totalled 105.9 million dollars, compared with 97.4 million dollars a year earlier and 144.3 million dollars in the preceding quarter. Backlog and deferred revenue reached 534 million dollars, up 58 per cent annually but below the previous quarter’s 587.6 million dollars. Harmonic repaid 75 million dollars under its revolving credit facility, leaving 160 million dollars available.[1]
