Avici posts $7.3 M Q4 revenue
By siliconindia | Friday, 31 January 2003, 08:00 Hrs
NORTH BILLERICA: Avici Systems Inc. (NASDAQ:AVCI) Friday posted $7.3 million gross revenue for the fourth quarterof fiscal 2002. The company also announced revenues of $33.1 million for the full year ended December 31. Revenue, net of common stock warrant discount, for the three and twelve month periods ended December 31, 2002 was $6.5 million and $29.9 million, respectively, compared to $8.4 million and $53.4 million for the same periods last year. The company posted a net loss of $14.3 million, or $1.15 per share compared to a net loss of $21.2 million, or $1.71 per share in the year ago period. Net loss for the 2002 and 2001 fourth quarters includes $1.7 million and $5.0 million, respectively, for non-cash equity expenses and in the 2001 period, a restructuring credit of $0.1 million, the company claimed in a press release. Net loss and net loss per share for the fourth quarters of 2002 and 2001 before these charges and credit were $12.6 million, or $1.01 per share compared to $16.3 million, or $1.31 per share, respectively. Cash, securities and long-term investments totaled $125.1 million at December 31, 2002. For the full year ended December 31, 2002, net loss and net loss per share were $66.7 million, or $5.35 per share compared to $95.5 million, or $7.75 per share for the year ended December 31, 2001. Net loss for the 2002 annual period includes restructuring and non-cash equity issuance charges of $10.2 million, or $0.82 per share, offset by credits of $2.8 million, or $0.22 per share, primarily for utilization of previously written down inventory. All per share data has been restated to give effect to a one for four reverse stock split which became effective on November 12, 2002. "This quarter we continued to execute on innovation by delivering a new generation of technology for the industry's most scalable and reliable routers. Our improving bottom-line results stem from continued cost controls in the midst of a challenging market," said Steve Kaufman, president and chief executive officer of Avici.