Calix reports revenue drop, citing economy

Petaluma telecom equipment developer Calix on Thursday reported revenues have dropped 2.8 percent over the past year, attributing the decline to sluggish economic conditions.

The company reported $81.3 million in revenue for the third quarter, down from $83.7 million the same period a year ago.

"The modest year-over-year decrease in revenue confirms the challenging macro-economic environment that the entire communications equipment segment has seen," Carl Russo, Calix president and CEO, said in a statement.

Revenues increased 3 percent from the second quarter, which Russo said was evidence of "our strengthening competitive position moving forward."

Adjusted profits fell to $1.8 million, or 4 cents per diluted share, for the period ending Sept. 29. A year ago, the company reported adjusted profits of $3.6 million, or 7 cents per diluted share, for the same period.