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VALLEY AND VENTURA COUNTY | VENTURA COUNTY ROUNDUP
/ BARBARA MURPHY

Coyote Network Posts 4th-Quarter, Annual Loss

July 21, 1998|BARBARA MURPHY

Coyote Network Systems of Westlake Village reported a loss both for the fourth quarter and the year ended March 31.

The results include its telecom switch subsidiary, Coyote Technologies, and Coyote Network Systems' corporate headquarters.

For the fourth quarter, the company reported revenue of $2.67 million and an operating loss of $11.6 million or $1.41 per share, compared with revenue of $95,000 and an operating loss of $5.8 million or $1.11 per share for the same period last year.

For the fiscal year, the company reported revenue of $5.3 million and an operating loss of $21.7 million or $3.07 per share, compared with revenue of $7.1 million and an operating loss of $12.1 million or $2.30 per share for the same period last year.

The loss from continuing operations was $34.1 million, which includes $15.3 million in noncash charges and other provisions.

"Fiscal 1998 closes the book on the old company," a company spokesman said. "We divested the last of our discontinued operations and believe we have taken adequate [steps to] now be measured as a telecom equipment and network services company."

In November 1996, the board of directors approved a restructuring plan to retain the core telecom switching business and spin off its non-core subsidiaries. Subsequently, in February 1997, the company sold the operating assets of its meat and seafood subsidiary, Atlanta Provision Co. In November 1997, the company sold its telecom distributor subsidiary, C&L Communications, and in March, the company completed the sale of its wire installation and service subsidiary, Valley Communications.

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