Pace slowed as U.S. customer delays set-top box order

An unnamed U.S. customer has decided to skip a generation of technology and therefore move a big set-top box order from 2011 to 2012, Pace said, dampening otherwise upbeat annual results.

The company's overall business for the year was good and the company is "on track to achieve earnings despite this," chief executive Neil Gaydon said in a call with reporters.

Adjusted core earnings of $168.2 million were up 17.4 percent pre-tax profit was also up 1.7 percent. The world's largest set-top box maker also reported shipping 22.2 million devices for cable, satellite and IPTV customers.

Still, the outlook was considerably dampened by the news that "one customer on a specific project decided to accelerate a new piece of technology, which meant the revenue from that client has shifted from 2011 to 2012," Gaydon said. He did not name the customer.

For more:
- Reuters has this story
- and this earnings release

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Q&A with Mike Pulli, president of Pace Americas
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