Hifn Updates Outlook for First Quarter
16 Dicembre 2008 - 2:45PM
PR Newswire (US)
LOS GATOS, Calif., Dec. 16 /PRNewswire-FirstCall/ -- Hifn(TM)
(NASDAQ: HIFN), the catalyst behind storage and networking
innovation, announced today that it expects revenue for the first
fiscal quarter of 2009, ending December 31, 2008, to be 15% to 20%
lower than fourth quarter revenue. Additionally, the company also
expects gross margins for the first fiscal quarter to rise
sequentially and be in the range of 65% to 69%. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070723/CLM036LOGO) "Customer
demand for our products has softened and has caused them to push
out orders this quarter," said Albert Sisto, chairman and chief
executive officer for Hifn. "Given the general weakness in the
macro-economic environment we are proactively working with our
customers to help them manage their inventory levels and have
accepted their rescheduling requests. The affects of this global
economic slowdown have adversely affected our business and are
disappointing. However, we continue to experience new design wins
for our products, which we expect will go into production next
year. We remain confident that our low-power, cost-effective
solutions are well positioned for the market and will contribute to
the company's growth in 2009 and beyond." Hifn expects to hold its
Q1 FY09 earnings call on Tuesday, February 3 after the market
closes. The company will confirm the date and time as well as
release call-in details closer to the earnings date. About Hifn
Hifn (NASDAQ:HIFN) delivers the key OEM ingredients for 21st
century storage and networking environments. Leveraging over a
decade of leadership and expertise in the development of
purpose-built Applied Services Processors (ASPs), we are a trusted
partner to industry leaders for whom infrastructure innovation in
storage and networking is critical to success. With the majority of
secure networked communications flowing through Hifn technology,
the 21st century convergence of storage and networking drives our
product roadmap forward. For more information, please visit:
http://www.hifn.com/. "Safe Harbor" Statement under the U.S.
Private Securities Litigation Reform Act of 1995: This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Specifically,
statements regarding the Company's future financial performance
including, without limitation, statements related to Hifn
proactively working with their customers to help them manage their
inventory levels and have accepted customers rescheduling requests,
Hifn experiencing new design wins, which are expected to go into
production next year, Hifn's low-power, cost-effective solutions
are well positioned for the market, and that those solutions will
contribute to the company's growth in 2009 and beyond are all
forward-looking statements within the meaning of the Safe Harbor
that may cause actual results to differ materially from the
forward-looking statements contained herein. Factors that could
cause actual results to differ materially from those described
herein include, but are not limited to: dependency on a small
number of customers; customer demand and customer ordering
patterns; and orders from Hifn's customers may be below the
company's current expectations. These and other risks are detailed
from time to time in Hifn's filings with the Securities and
Exchange Commission. Hifn expressly disclaims any obligation to
update or revise its forward-looking statements, whether as a
result of new information, future events or otherwise. Hi/fn(R) is
a registered trademark of hi/fn, inc. Hifn is a trademark of hi/fn,
inc. http://www.newscom.com/cgi-bin/prnh/20070723/CLM036LOGO
http://photoarchive.ap.org/ DATASOURCE: Hifn CONTACT: William R.
Walker, Vice President and Chief Financial Officer of Hifn,
+1-408-399-3537, Web site: http://www.hifn.com/
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