Financial Advisor Retained to Assess Strategic Options
PITTSBURGH, April 10 /PRNewswire-FirstCall/ -- Tollgrade
Communications, Inc. (Nasdaq: TLGD), a leading global supplier of test and
measurement solutions, today announced that revenue for its first quarter
ending March 29, 2008, will be $13.2 million, below the lower end of
revenue estimates provided by the Company on January 30, 2008, when it
estimated that revenue could range from $13.5 million to $16 million. Also,
the Company expects the loss per share to be greater than the estimated
loss per share range of ($0.14) to ($0.05).
(Logo: http://www.newscom.com/cgi-bin/prnh/20050603/CLF046LOGO )
Separately, the Company announced that it has engaged Needham &
Company, LLC as its financial advisor to assist in its ongoing review of
strategic business opportunities to enhance shareholder value. As part of
this review, the Board intends to consider a full range of possible
directions.
"As market segments that we serve continue to undergo rapid and
significant change, we are expanding our ongoing assessment of strategic
opportunities, as outlined in our January earnings release, to leverage
Tollgrade's position as a leading supplier of service assurance test and
measurement solutions," said Joseph Ferrara, Tollgrade's President and CEO.
"Our continued objective is to ensure that we preserve and enhance
shareholder value as we work through the alternatives with our advisors and
our Board," he added.
The Company stated that there can be no assurance that the evaluation
process will result in any specific transaction or outcome. Also, unless a
specific transaction is approved by its Board, the Company does not intend
to make any further public comment regarding the progress of this review.
Tollgrade is scheduled to release full results for the first quarter of
2008 on April 30, 2008 after close of market. A conference call for
investors is scheduled for May 1, 2008 at 9:00 a.m.(ET).
About Tollgrade
Tollgrade Communications, Inc. is a leading provider of service
assurance products and services for centralized test systems around the
world. Tollgrade designs, engineers, markets and supports centralized test
systems, test access and status monitoring products, and next generation
network assurance technologies for the broadband marketplace. Tollgrade's
customers range from the top RBOCs (Regional Bell Operating Companies) and
Cable providers, to numerous independent telecom, cable and broadband
providers around the world. Tollgrade's testing, measurement and monitoring
solutions support the infrastructure of cable and telecom companies
offering current and emerging triple play services, as well as for new
markets requiring centralized testing and monitoring. Tollgrade,
headquartered near Pittsburgh in Cheswick, Pa., and its products and
customer reach span over 300 million embedded access lines, more than any
other test and measurement supplier. For more information, visit
Tollgrade's web site at http://www.tollgrade.com.
Forward Looking Statements
The foregoing release contains "forward looking statements" regarding
future events or results within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements concerning the
Company's current expectations regarding revenue and earnings results for
the first quarter of 2008, and including statements concerning the
Company's review of strategic alternatives. The Company cautions readers
that such "forward looking statements" are, in fact, predictions that are
subject to risks and uncertainties and that actual events or results may
differ materially from those anticipated events or results expressed or
implied by such forward looking statements. The Company disclaims any
current intention to update its "forward looking statements," and the
estimates and assumptions within them, at any time or for any reason.
Other factors that could cause actual events or results to differ
materially from those contained in the "forward looking statements" are
included in the Company's filings with the U.S. Securities and Exchange
Commission (the "SEC") including, but not limited to, the Company's Form
10-K for the year ended December 31, 2007 and any subsequently filed
reports. All documents are also available through the SEC's Electronic Data
Gathering Analysis and Retrieval system at http://www.sec.gov or from the
Company's website at http://www.tollgrade.com.
SOURCE Tollgrade Communications, Inc.
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Related links:
http://www.tollgrade.com
http://www.sec.gov
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20050603/CLF046LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
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CONTACT:
Bob Butter, Corporate Communications, of
Tollgrade Communications, Inc., +1-412-820-1347, Cell:
+1-412-736-6186, bbutter@tollgrade.com
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