CHELMSFORD: Revenue for the second quarter of fiscal 2003 was $10.8 million, compared with $21.8 million for the second quarter of fiscal 2002. Net loss for the second quarter of fiscal 2003, on a generally accepted accounting principles (GAAP) basis, was $16.1 million or $(0.06) per share, compared with a net loss of $35.3 million, or $(0.14) per share for the second quarter of fiscal 2002. Pro forma net loss for the second quarter was $14.0 million, or $(0.05) per share, compared with a pro forma net loss of $27.8 million, or $(0.11) per share for the second quarter of fiscal 2002. A reconciliation between net loss on a GAAP basis and pro forma net loss is provided in a table immediately following the Unaudited Pro Forma Consolidated Statements of Operations. Revenue for the first six months of fiscal 2003 was $16.8 million, compared with $43.0 million for the first six months of fiscal 2002. Net loss for the first six months of fiscal 2003, on a GAAP basis, was $33.5 million or $(0.13) per share, compared with a net loss of $283.3 million, or $(1.13) per share for the first six months of fiscal 2002. Pro forma net loss for the first six months of fiscal 2003 was $29.0 million, or $(0.11) per share, compared with a pro forma net loss of $66.9 million, or $(0.27) per share for the first six months of fiscal 2002. "Sycamore's second-quarter financial results reflect improvement in many areas compared with the first quarter," stated Daniel E. Smith, Sycamore's president and chief executive officer. "Sycamore's customers continue to benefit from our optical switching solutions through improved network efficiency, faster time to revenue and new service delivery. Sycamore's investments in the people, products and programs that will satisfy existing and prospective customer requirements are balanced by initiatives aimed at controlling expenses and maintaining our balance sheet strength."