Tollgrade second-quarter profits in steep decline
Cable and telephone test equipment maker Tollgrade Communications reported a 68% drop in second-quarter earnings, laying the blame on difficult market conditions that it predicted would continue through the third quarter.
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Tollgrade reported net income of $1.2 million compared with $3.8 million a year earlier and revenue that dropped to $14.6 million from $21.8 million. It projected revenue from $12 million to $15 million in the third quarter.
“The telecom market conditions are as difficult as I have seen them during my 14 years at Tollgrade,” said Chairman and CEO Chris Allison in a news release.
--Jim Barthold, Senior Editor
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© 2012 Penton Media Inc.
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