Avici puts Q3 gross revenue at $7 M
Friday, 04 October 2002, 19:30 IST
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NORTH BILLERICA, Mass: Avici Systems Inc. (NASDAQ: AVCI), announced Friday that it expects gross revenue for its third quarter ended September 30, 2002 to be approximately $7.0 million and anticipates a pro forma net loss per share of $0.32 to $0.34. GAAP net loss per share is expected to range from $0.37 to $0.39. The company said cash usage for the three months ended September 30, 2002 was $5.5 million. Pro forma results exclude net third quarter charges approximating $0.05 per share for severance and estimated facility costs associated with the company's recently announced cost reduction actions, non-cash charges and credits related to equity issuances and credits resulting from the utilization of inventory previously considered to be in excess. Steve Kaufman, president and CEO of Avici said, "Market conditions for carrier equipment sales remain challenging. Despite this environment, we made good progress this quarter on expanding our deployed customer base, realigning our cost structure and managing our cash flow."
Source: IANS
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