ACT Networks Cuts Losses for Quarter

ACT Networks in Camarillo announced a net loss of $966,000 or 10 cents per share for the first quarter that ended Sept. 30, compared with a loss of $8.9 million or 96 cents per share for the same period a year earlier.

First-quarter revenues increased 7% to $13.9 million, compared with just over $13 million in the comparable quarter for the prior year.

“The company commenced a restructuring program at the beginning of this quarter,” said Andre de Fusco, president and chief executive officer. “We have significantly reduced the number of employees, focused our product development plans and have decreased expenses. Additionally, we have successfully increased revenues from the preceding quarter and have signed a supply agreement with Lucent Technologies.”

De Fusco said that while the Lucent deal will not affect ACT’s bottom line until the third quarter, the agreement opens new markets for the company’s products.

ACT also announced the resignation of Melvin Flowers, chief financial officer and vice president of finance and administration. Flowers’ resignation will be effective Oct. 30.

ACT Networks develops and manufactures integrated voice and data networking products.