Looks like change of scenery has not helped equipment maker Tut Systems even a little bit, as the company extends its losing streak to yet another quarter.
bq. The company lost $4.4 million, or 22 cents per share, compared with a loss of 2.2 million, or 11 cents per share, in last year’s first quarter. Revenue for the quarter was $6.2 million compared with $6.6 million in last year’s first quarter. The first-quarter 2004 figure also is down 33 percent from fourth-quarter 2003 revenue of $9.2 million. Tut (Nasdaq: TUTS) bought VideoTele.com, which designs equipment that allows telephone companies to deliver digital TV to their customers, in November 2002 from Tektronix Inc. Since the VideoTele.com transaction closed, the Lake Oswego-based division of Tektronix Inc. has become Tut’s primary source of revenue and, not insignificantly, its future growth prospects.
So why am I bothering with this company? Well it was the first company to get hyper inflated valuations at the start of the telecom bubble. I had noted this in Broadbandits.