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Tekelec, which announced a restructuring plan last month involving 60 job cuts, reported first-quarter earnings late Wednesday that included a 23% dive in revenue from the previous quarter. The results missed most analyst expectations.

The company also was in danger of being delisted by Nasdaq, but Frank Plastina, president and CEO of Tekelec, said the filing of the first-quarter report before July 17 should bring the company to meet all the conditions for its continued listing on the Nasdaq exchange.

In the first quarter report, in addition to revenue of $107.5 million, Tekelec posted a loss for the quarter that amounted to 15 cents per share, which was far removed from its positive earnings of 28 cents per share for the same quarter last year.

Plastina stated in the report, “Due primarily to the continued work on the restatement during the second quarter and our current process of closing the second-quarter results, we are not in a position to provide guidance for the full year or the second quarter of 2006. However, we do not believe that the first quarter results reflect a trend in our revenues, gross margins, operating income or earnings per share or are representative of the performance we expect for the second quarter or second half of 2006. In fact, we currently expect an improvement in each of these periods relative to the first quarter of 2006. We currently estimate that revenues from our telecom business for the full year 2006 will increase on a year-over-year basis compared to Telecom revenues of $486.5 million in 2005.”

He also said that Tekelec $200 million sales of its IEX workforce management technology unit to NICE-Systems, which closed last week, “underscores our effort on managing our core telecom business.”

The first-quarter report resulted in criticism from several analysts monitoring the company, who said that Plastina did not offer enough future visibility. Several analysts also noted that Tekelec’s new method of recognizing residual revenue could hamper the company’s ability to bounce back in the coming quarters.

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