SiliconBeat

Smart Modular Technologies, the Fremont maker of electronic subsystems, says that one of its officers, who it did not name, got a call from an analyst Wednesday who asked about a report that the company had lost some of its business with Cisco Systems. The officer that he was not aware of any such loss of business, according to a filing the company made with the SEC today.

In the filing today, the company felt it necessary under Regulation FD (related to full disclosure of public information) to state for the record that “no assurance can be given that a reduction in such business will not occur in the future with little or no notice from the customer.”

On Tuesday, Moody’s Investors Services changed its outlook for Smart Modular to “negative” from “stable” and downgraded its rating on the company’s senior secured second-lien notes.

In its note explaining its decision, Moody’s said the company is

“challenged by 1) a very volatile, cyclical, and competitive industry characterized by rapid technological changes, short product life cycles, and wide fluctuations in product supply and demand; 2) significant customer concentration with Hewlett Packard and Cisco representing 33% and 13% of its fiscal Q4 2008 revenues, respectively; 3) above average exposure to downturns in corporate technology spending; and 4) the potential for further pricing pressure in SMART’s core DRAM memory segment resulting in revenues and gross profit decline.”