Symbol Posts 2Q Profit As Sales RiseSymbol Posts 2Q Profit As Sales Rise

Mobile-computing vendor Symbol Technologies Inc. on Wednesday posted a second-quarter profit and provided guidance into the restatement of the last five years' worth of its finances.

For the quarter ending June 30, Symbol reported net income of $9 million, or 4 cents per share. Revenue was $375 million, up 15% from the same quarter a year ago, although the 2002 numbers are still preliminary and subject to change. Product revenue accounted for $289 million of that total, and services for $86 million.

Symbol is in the process of restating its financial results for 1998 through 2002, during which time the company says it made numerous errors and irregularities in its books in order to provide false support for management's financial goals. While that restatement is still going on, Symbol did released new, unaudited results for the period. According to the company, restated revenue for that five-year stretch will be reduced by $223 million, from a cumulative $6.339 billion to $6.116 billion.