Ikanos Communications reported Q3 revenue of $27.3 million compared with revenue of $25.7 million for the second quarter of 2007 and revenue of $36.7 million for the third quarter of 2006. GAAP net loss for the third quarter of 2007 was $13.0 million, or $0.45 per share, on 28.7 million weighted average shares and includes a charge of $3.5 million related primarily to the write-off of design tools and severance expenses. This compares with a net loss of $7.2 million, or $0.25 per share, on 28.4 million weighted average shares in the second quarter of fiscal 2007 and with a net loss of $3.6 million, or $0.13 per share, on 27.4 million weighted average shares in the third quarter of 2006.
“Solid demand from European and Japanese original equipment manufacturers (OEMs) resulted in a significant sequential increase in access port shipments,” said Michael A. Ricci, Ikanos’ president and CEO. “To accelerate our timeline towards profitable growth, we have reduced our expense structure going forward through an executive restructuring and outsourcing physical backend design. By taking these actions, we can focus on more efficiently delivering leading-edge broadband solutions to our customers worldwide.”
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