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Scientific-Atlanta reports lower first quarter results amid job cuts
Scientific-Atlanta, Inc a leading supplier of transmission networks for broadband access to the home has announced results for its first quarter. For the quarter ending September 28, 2001, sales were $410.1 million. This represented a 31 percent decrease from the same period a year ago. Net earnings from continuing operations for the quarter were $37.1 million. This is a 42 per cent decline from the same period last year. Earnings in the first quarter of fiscal year 2002 declined by $76.2 million, or 67 per cent, from the comparable period of last year.
Compared to the fourth quarter of fiscal year 2001, first quarter net earnings from continuing operations declined $43.4 million or 54 per cent, excluding a one-time, after-tax charge of $7.1 million in the fourth quarter related to a tender for shares of PowerTV, Inc. Including that one-time event, earnings were down $36.2 million, or 49 per cent.
Bookings were $172.1 million, a decrease of $502.6 million, or 74 per cent, from the prior year’s first quarter. Business activity was slower in the quarter due to the economy; and following the events of 11 September, the company’s normally back-end loaded bookings did not materialise in the last few weeks of the quarter. However, in the first few weeks of the second quarter, the order take rate has been significantly higher than in the first quarter. Since the beginning of the second quarter, the company has received orders for approximately 700,000 Explorer digital set-tops.
Sales of Subscriber products decreased 28 per cent to $278.7 million from the prior year’s first quarter, while bookings of Subscriber products fell 77 per cent to $105.2 million. Backlog at quarter end was $662.9 million, a decrease of $225.9 million from the first quarter of the previous year.
The company’s balance sheet remained strong, with cash and short-term investments of $591.1 million at the end of the first quarter.
In the first quarter, the company shipped 855 thousand Explorer digital set-tops, bringing the total to more than 8 million shipped to date. Shipments of MQAM modulators, which are critical for the deployment of video-on-demand and subscription video-on-demand services, were a record 1,041 units in the quarter.
However the company is undergoing restructuring of its worldwide operations. The company will reduce its worldwide workforce by 10 per cent. Five hundred people in manufacturing and 250 people in engineering, marketing, sales, service will lose their jobs. Scientific-Atlanta expects these actions to reduce its costs and expenses by approximately $61 million on an annual basis, starting in the third fiscal quarter. The company expects to take a one-time, pre-tax charge of approximately $22.0 million, or $0.09 per share, in its second fiscal quarter, and additional pre-tax charges in the second half of the fiscal year totaling approximately $9.0 million, or $0.04 per share.
Summarising the quarter, James F. McDonald, Scientific-Atlanta’s chairman, president, and CEO said: “In a very difficult quarter, we continue to be profitable. We remain committed to our belief that interactivity in the form of on-demand television and Internet-related applications will become increasingly important to our customers, as they strive to differentiate their digital services from those of the satellite service providers. Our continuing investment in interactive network solutions positions us to benefit as this next phase of the market begins.”
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
