Hifn (HIFN) Warns for Q4
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Hifn (Nasdaq: HIFN) expects revenues for its fourth quarter of fiscal year 2006, ending September 30, 2006, to fall short of expectations by approximately 20%.
Hifn has been informed by one of its major OEM customers that the customer has changed its business model with its contract manufacturer, leading to a significant inventory reduction that substantially reduces the Hifn deliveries to the contract manufacturer for the current quarter. Hifn has been informed by the customer that there is no evidence of weakness in end-user demand. As a result, Hifn does not expect the effect of this reduction in inventory to be significant in future quarters. Hifn's outlook for FY2007 remains unchanged.
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