TORONTO - Leitch Technology Corporation last week reported second quarter revenues of about $36.4 million, which is down slightly from the $37.5 earned in the first quarter, a decease it attributes to lower incoming orders, particularly from the U.S.
Those decreased orders, the company says, are due to the acceptance and training time required for the new line of products it released at the IBC show this quarter.
"We underestimated the effects of these delays and do not expect them to recur," said Stan Kabala, interim president and CEO.
The company confirmed that its expense initiatives are on track and total expenses for the quarter will come in at about $22.3 million, down from around $25.9 million in the second quarter of fiscal 2003 and up slightly from $21.7 million in the first quarter. Costs of about $1 million associated with attending the IBC show offset other cost reductions this quarter.
Leitch says it has no debt on its balance sheet, its cash balances were about $30 million at the end of the quarter and it has recently put in place a $20 million committed debt facility.
The company will release its first quarter earnings on November 26, 2003, at which time more information will be provided.
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