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Digi International posts lower net income for second quarter
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Digi International Inc. on Monday said its fiscal second-quarter net income fell 14 percent and lowered its 2008 earnings outlook because of the economic slowdown in the United States and the acquisition of a British maker of wireless routers.
The Minnetonka networking company posted fiscal second-quarter net income of $3.1 million, or 12 cents a share, compared with $3.6 million, or 14 cents a share, a year earlier.
Digi slashed its 2008 earnings view to 38 cents to 52 cents a share, down from its original estimate of 69 cents to 87 cents a share. The company also expects revenue of $180 million to $192 million, down from its previous view of $197 to $207 million.
On a non-GAAP basis, the company expects earnings of 46 cents to 62 cents a share. Analysts polled by Thomson First Call were expecting full-year earnings of 70 cents a share on revenue of $197 million.
Separately, Digi announced it acquired privately held Sarian Systems Ltd., the British router maker, for $30.5 million in cash.
Digi sees Sarian earnings per share to be break-even or slightly higher beginning in the fourth quarter.
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