Channell Commercial (CHNL) Guides Lower For Q3
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Channell Commercial Corp. (NASDAQ: CHNL) announced updated financial guidance for the third quarter of 2006 ended September 30, 2006.
Revenue for the quarter is expected within the previously provided $27 million to $29 million range. On a GAAP basis, the company now anticipates at or near break-even bottom-line results versus the prior guidance of EPS in the $0.06-$0.09 range. (no estimates currently available)
William H. Channell, Jr., Chief Executive Officer of the Company, commented, "The expected sequential decline in demand from our core domestic Cable/Broadband and Telecom customers was more pronounced than initially anticipated. This, coupled with an unfavorable product mix and poor domestic fixed-cost absorption, caused our bottom-line performance to fall short of expectations. While we are disappointed with the overall results of the quarter, we are pleased that our Bushman Tanks business delivered a near break-even quarter."
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