In a midquarter update, Com21 Inc. reiterated expectations that it will
generate second-quarter revenue of between $40 million and $44 million, with
gross margins somewhere in the 'high teens' as a percentage of sales.
Com21 also said late last week that chief financial officer, vice president
of finance and corporate secretary David Robertson has resigned from the company
following a six-year tenure. Vice president and corporate controller Ralph
Marimon has stepped in as acting CFO, the company added.
Robertson, who will serve Com21 as a consultant for the next six months, will
help the vendor in its goal to break even in the third quarter of this year, the
company said.
'Dave shepherded us through our IPO [initial public offering] in 1998, and he
has been a strong financial leader even through the most recent difficult
economic times,' president and CEO Craig Soderquist said in a press release.
Soderquist added that the company is 'encouraged' by signs that the Data Over
Cable Service Interface Specification sector 'will pick up in the second half of
the year.'
In April, the soft technology market forced Com21 to lay off about 20 percent
of its work force, to shut down its development center in Maryland and to retain
an investment bank to explore 'strategic alternatives' that could result in the
sale of the company.
Com21 said Tuesday that its flagship cable modem, the 'DOXport 1110,'
received level-two approval from Excite@Home Corp., giving the vendor the green
light to sell the equipment to Excite@Home's high-speed cable
affiliates.
