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Avici Q3 operating loss 32 cents per share
By siliconindia
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Wednesday, 06 November 2002, 20:30 IST
NORTH BILLERICA: Avici Systems Inc. (NASDAQ: AVCI) reported a third quarter operating loss of 32 cents to the share. Gross revenue for the quarter was $7.3 million compared to $10.3 million in the year ago period, a 29 percent decline.
Revenue, net of common stock warrant discount for those periods was $6.4 million and $9.5 million, respectively. Actual net loss and actual net loss per share for the quarter was $18.4 million, or $0.37 per share. This includes non-cash charges for equity issuances of $2.2 million, restructuring charges of $0.9 million offset by a credit resulting from the utilization of $0.7 million of inventory previously considered to be in excess.
Restructuring charges include severance related costs associated with the company's recently announced reduction in force and excess facility costs, the company said. Actual net loss and net loss per share in the comparable three month period ended September 30, 2001 was $41.2 million or $0.83 per share and included non-cash charges for equity issuances of $3.5 million, restructuring charges of $1.1 million and a provision for slow moving and obsolete inventory of $17.2 million.
Gross revenue for the nine months ended September 30, 2002 was $25.8 million compared with $47.4 million for the same period last year. Revenue, net of common stock warrant discount for those periods was $23.4 million, and $45.0 million, respectively. Pro forma net loss and pro forma net loss per share for the first nine months of 2002 was $46.7 million or $0.94 per share compared to $42.7 million or $0.87 per share for the same nine month period in 2001. Actual net loss and actual net loss per share for the nine months ended September 30, 2002 was $52.4 million or $1.05 per share compared to $74.3 million or $1.51 per share for the same nine months period in 2001.
Cash, marketable securities and long-term investments totaled $133.7 million at September 30, 2002.
"Despite tough carrier market conditions, this quarter we continued to broaden our customer base and widen our market opportunity. Exemplifying this are our two new SSR deployments at Qwest and Global Naps for peering and aggregation applications," said Steve Kaufman, president and chief executive officer.