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Avici Systems posts $9.6 M revenue in Q3
By siliconindia staff writer
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Thursday, 23 October 2003, 19:30 IST
NORTH BILLERICA: Avici Systems Inc. on Wednesday reported its third quarter results for the period ended September 30, 2003.
Gross revenue for the third quarter ended September 30, 2003 was $10.5 million compared to $7.3 million for the comparable three month period ended September 30, 2002, a 44% increase, and $9.8 million in the preceding June 2003 quarter, a sequential quarterly increase of 7%. Revenue, net of common stock warrant discount, for the September 2003 quarter was $9.6 million, compared to $6.4 million for the same period last year, and $9.0 million in the June 2003 quarter.
GAAP net loss for the third quarter ended September 30, 2003 was $9.1 million, or $0.75 per share compared to a GAAP net loss of $17.9 million, or $1.44 per share in the prior year's third quarter. GAAP net loss for the 2003 and 2002 third quarter periods includes $1.0 million and $1.8 million, respectively, for non-cash equity based charges, namely common stock warrant discount and stock based compensation and, in the 2002 third quarter, a restructuring charge of $0.9 million principally related to employee severance costs, offset by credits of $0.6 million and $0.8 million, respectively, in the 2003 and 2002 third quarters, resulting from the utilization of certain inventory previously written off. Excluding these charges and credits, non-GAAP net loss and net loss per share for the three months ended September 30, 2003 was $8.7 million, or $0.72 per share compared to $16.0 million, or $1.28 per share in the prior year quarter ended September 30, 2002.
Gross revenue for the nine month period ended September 30, 2003 was $27.9 million, compared with $25.8 million for the nine months ended September 30, 2002. Revenue, net of common stock warrant discount, for those periods was $25.4 million and $23.4 million, respectively.
GAAP net loss for the nine months ended September 30, 2003 was $33.1 million, or $2.70 per share, compared to a GAAP net loss of $50.7 million or $4.07 per share for the same period last year.
Cash, marketable securities and long-term investments totaled $103.9 million at September 30, 2003, a $0.3 million increase over the June 30, 2003 balance.
"We are pleased to have achieved improved financial results this quarter as we drive top line growth for the company while carefully managing expenses," said Steve Kaufman, President and CEO. "Our market momentum continues to grow as a result of new innovations for carriers and broader channel relationships."