C-COR announced its fourth quarter and fiscal year 2007 results today, which caused its shares to slide during late morning trading.

C-COR’s stock closed at 14.14 a share yesterday, but was trading at 11.17 late this morning. C-COR, which makes hardware and software products for cable operators, said it expects sales of as much as $74 million in the fiscal first quarter, which is short of the average estimate of $78.2 million by analysts.

C-COR’s net sales from continuing operations for the fourth quarter were $74.4 million compared to $59.6 million in the same period last year and $73 million last quarter. Net sales from continuing operations for the entire fiscal year 2007 were $277.3 million compared to $213.9 million in fiscal year 2006.

Income from continuing operations for the fourth quarter of fiscal year 2007 was $8.2 million, compared to $9.9 million for the same period last year. Included in income from continuing operations for the fourth quarter of fiscal year 2006 were a $9.7 million gain on the sale of trade claims in the bankruptcy cases of Adelphia and its affiliates and a $1.2 million gain on a litigation judgment.

C-COR completed the sale of its Outside Plant and Installation Services business during the fourth quarter of fiscal year 2007, and will begin reporting the results of operations and the sale of that business as a discontinued operation.