Ikanos Communications reported Q3 2008 revenue of $24.2 million compared with revenue of $29.9 million for the second quarter of 2008 and revenue of $27.3 million for the year ago period. GAAP net loss for the third quarter of 2008 was $26.7 million, or $0.93 per share, on 28.6 million weighted average shares. This compares with a net loss of $4.0 million, or $0.14 per share, on 29.3 million weighted average shares in the second quarter of 2008 and with a net loss of $13.0 million, or $0.45 per share, on 28.7 million weighted average shares in the third quarter of 2007.
“Our third quarter results represent continued deployments of our VDSL2 and residential gateway products used by service providers worldwide. These deployments underscore the desire for higher levels of bandwidth to support new revenue-generating services like high-definition IPTV,” said Michael Gulett, Ikanos’ president and CEO. “Since the Board appointed me to the CEO role three months ago, I have refined Ikanos’ priorities, realigned our resources to better serve our customers, and have begun to improve the way we define our new products to address broader markets. These changes will help us build upon our leadership position in designing and developing products that enable advanced broadband services in the digital home.”
In addition, Ikanos announced that it has retained the investment banking firm Barclays Capital as its financial advisor to assist it in exploring and evaluating strategic alternatives to maximize shareholder value.http://www.ikanos.com
