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First Albany Cuts Ditech

First Albany cuts Ditech Communications (DITC) to buy from strong buy.

Analyst Frank Marsala says the company's second-quarter view of 28 cents to 29 cents earnings per share on $24 million of revenue falls below his 30 cents earnings per share on $28 million revenue estimate.

He notes the company cited a delay in shipping a major Voice Quality Assurance (VQA) order and some softness in its core business. He notes the company's third-quarter view of flat revenues were also weaker than expected.

Marsala cuts revenue estimates for both second and third-quarters to $24 million and sees 28 cents second-quarter earnings per share, and 18 cents third-quarter earnings per share. He cuts $1.19 fiscal 2005 (Apr.) earnings per share to 93 cents. He says the shortfall is disappointing, but believes the company has a highly profitable, cash-generating core business and sees growth potential from VQA and other potential new products.

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