Conexant Systems Inc.'s net loss narrowed and revenue rose 7% in the latest quarter as its two main operating segments began showing steady improvement.
The semiconductor supplier said it expects sales in the ongoing quarter to rise sequentially 3% to 7% in its broadband communications segment and 5% to 10% at Mindspeed Technologies, the telecommunications infrastructure components business.
Conexant posted a net loss of $68 million, or 26 cents a share, in the fiscal 2003 second quarter ended March 31, compared with a loss of $200.7 million, or 78 cents per share, in the comparable fiscal 2002 quarter.
The company's 11 cents a share pro forma net loss, which excluded several one-time items, was slightly better than the 12 cents a share that analysts were expecting.
Conexant's sales rose to $158.4 million, from $148.8 million in the year ago quarter but were slightly below the $160 million average estimate of analysts polled by First Call.
"Our Broadband Communications business delivered second fiscal quarter revenues of $140 million in a seasonally weak period, an increase of 8% on a year-over-year basis," said Dwight W. Decker, chairman and chief executive of Conexant, Newport Beach, Calif., in a statement.
"Mindspeed also lowered operating expenses by $4 million sequentially, a 9% improvement that reflects the continuing benefit of previously announced cost-reduction initiatives," Decker said.