Anaren Plans To Dispose Of European Operation
Anaren [Nasdaq: ANEN], a Syracuse, N.Y.-based maker of integrated microwave components for satellite and wireless communications, Friday said it plans to dispose of its Anaren Europe operation. “This action is being taken due to the decline in demand and continuing financial losses at Anaren Europe. Though overall demand for the quarter was consistent with our prior expectations and guidance, demand at Anaren Europe has declined significantly more than anticipated,” said Lawrence A. Sala, Anaren’s president and CEO.
Anaren also reported preliminary results for its fourth quarter (April-June). Net sales for the quarter are expected to be approximately $19.4 million, including approximately $1 million of net sales from the Anaren Europe operation. The net loss for the quarter is expected in the range of $3.5 million to $3.9 million, or 16 to 17 cents per diluted share. For the quarter, the net loss at Anaren Europe is expected to be $3.8 to $4.0 million, of which approximately $3.3 to $3.6 million is related to asset impairment and restructuring charges. The disposal of Anaren Europe is expected to be completed in the first half of fiscal 2004.