) raised its first quarter wireless revenue estimate to $9 million and its forecast for broadband revenues to $10 million. The company also narrowed its first quarter loss estimate to $0.38 per share, excluding a charge.
CS First Boston raised its estimates on the news. Analyst Michael Masdea says he believes most of the revenue upside was driven by increased orders from Kyocera due to Verizon's 1xRTT rollout and more normalized inventory levels. He ties the improvement in broadband guidance to the company's cable business, which remains relatively stable, driven in part by set-top box inventories coming on-line at Motorola.
Based on the guidance, he raised his $84.1 million 2002 revenue estimate to $87.5 million and his $116.9 million 2003 revenue forecast to $121.5 million. He narrowed his $1.27 2002 loss per share estimate to a $1.23 loss, and his forecast of a $0.42 2003 loss per share to a $0.38 loss. Masdea maintains his hold rating on the stock.