| ARRIS Announces Preliminary and Unaudited Third Quarter 2007 Results
SUWANEE, Ga., Oct. 24 /PRNewswire-FirstCall/ -- ARRIS Group, Inc. (NASDAQ: ARRS) , a global communications technology leader in the development of advanced cable telephony and next generation high-speed data and video solutions across the broadband local access network, today announced preliminary and unaudited financial results for the third quarter 2007. Financial details: Revenues for the third quarter 2007 were $254.7 million. Revenues grew by $26.1 million and by $2.0 million as compared to the third quarter 2006 and the second quarter 2007, respectively. Net income in the third quarter 2007 was $27.9 million, or $0.25 per diluted share, as compared to the third quarter 2006 net income of $26.6 million, or $0.24 per diluted share, and as compared to the second quarter 2007 net income of $23.3 million, or $0.21 per diluted share.
Economics professor answers readers' questions
Editor's note: Assistant professor Dr. Kevin McIntyre teaches macroeconomics at McDaniel College in Westminster. He specializes in financial markets and monetary policy.
Jan, Owings Mills: My husband keeps watching our stocks sink, and telling me about all of the money we're losing. We're a young couple (in our early 30s), and invest monthly, so should we be worried?
McIntyre: Since you and your spouse are going to be saving for the next 35-40 years, you should be fine. Over longer periods of time, the return on stocks averages 6-7% after adjusting for inflation, which beats the pants off other savings vehicles. Know there are always going to be bear periods in any stock market.
.
Inland homeowners ponder refinance timing
Mortgage holders wanting to trade an unwieldy adjustable-rate mortgage for the certainty of a fixed rate are rushing to refinance in large numbers since the Federal Reserve's surprise rate cut earlier this week. In the past two weeks, Bank of America has seen a strong and accelerating increase in refinance applications, said bank spokesman Terry Francisco. Last week, applications were up 193 percent from a year earlier. The week before, they were up 82 percent, he said. The same is true for online brokers. "We started getting a few calls last week, but on Tuesday (when the Federal Reserve Board announced its rate cuts) it was like a tidal wave," said Jeff Lazerson, president of Mortgage Grader, an online mortgage broker. He said that most callers had adjustable mortgages scheduled to reset to a higher interest rate.
|
