ACT Posts a Net Loss on Record Revenues

ACT Networks in Camarillo announced that for the third quarter ended March 31, revenue rose to a record $13.65 million, a 70% increase from the comparable quarter the prior year and a 15% increase from the second quarter.

However, the company reported a net loss for the quarter of $1.03 million or 11 cents a share, attributable mainly to research and development charges of $2.71 million related to ACT’s acquisition of the DynaStar family of products announced Feb. 19.

The third-quarter loss compared to net income of $395,000 or 5 cents per share in the same period last year. Excluding the research and development charges, third quarter net income was $1.67 million or 17 cents per share.

“In the third quarter, net income, excluding the in-process research and development charges, was the second highest in the company’s history,” said Martin Shum, chairman, president and chief executive officer.

ACT Networks develops wide-area network access products, which support voice, data and integrated network applications.