Announcing results for the three months ending March 31, Arris reported revenues of US$1.61 billion (€1.4 billion), up 33% from US$1.22 billion a year earlier.
However, the company also said it made a US$202.6 million net loss for the quarter, compared to US$19.1 million in profit a year earlier.
Arris closed its acquisition of set-top box rival Pace on January 4 and said that US$40 million of its net loss was due to integration and other deal costs, and US$30 was due to revaluing Pace’s inventory from “historical cost to fair market value as required in purchase accounting”.
Restructuring costs of US$51 million and a US$55 million tax withholding were also contributed to the net loss, according to the firm.
Despite this, adjusted net income in the first quarter was US$0.47 per diluted share, compared to US$0.44 per diluted share for the first quarter 2015.
Arris CEO Bob Stanzione said: “We are increasingly confident that we are on track to meet the full year targets we laid out at our recent Investor Day”.
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30 October 2020 @ 18:30:00 UTC