AFC reported Q3 revenue of $119.6 million, as compared with $85.2 million for the same period last year, an increase of 40%. GAAP net income for the third quarter of 2004 was $17.3 million, or $0.19 per share, compared with $9.3 million, or $0.11 per share, for the same period last year.
“Although our revenue was slightly below our previous guidance, we exceeded our operating profit goals in a challenging spending environment,” said John Schofield, chairman, president and chief executive officer at AFC. “The third quarter was characterized by record DSL shipments, growth in FTTP sales to both large and small carriers, and the launch of several new initiatives designed to strengthen our efforts in the IOC market.
Separately, AFC announced that it has scheduled a special stockholders meeting for November 30 to vote on its previously announced merger with Tellabs. http://www.afc.com
