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Avici revenue rises to $10.7 M in Q1
By agencies
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Friday, 22 April 2005, 19:30 IST
North Billerica, MA: Surya Panditi founded Avici Systems Inc. (NASDAQ: AVCI), on Thursday reported its first quarter results for the three months ended March 31, 2005.
Gross revenue for the first quarter ended March 31, 2005 was $10.7 million compared to $7.0 million for the comparable three-month period ended March 31, 2004 and $3.8 million in the preceding quarter ended December 31, 2004. Revenue, net of common stock warrant discount, for the March 2005 quarter was $10.2 million, compared to $6.4 million for the three months ended March 31, 2004 and $3.3 million in the December 2004 quarter.
GAAP net loss for the first quarter ended March 31, 2005 was $5.6 million, or $0.44 per share, compared to a GAAP net loss of $9.1 million, or $0.73 per share, in the prior year's first quarter. GAAP net loss for the three months ended March 31, 2005 includes $0.5 million for a non-cash equity based charge, namely common stock warrant discount, less a credit of $0.2 million resulting from the utilization of certain inventory previously considered excess. This compares to a charge of $0.7 million in the prior year's first quarter ended March 31, 2004 for common stock warrant discount and certain other non-cash equity based compensation, less a credit of $0.2 million for inventory utilization.
Excluding these charges and credits, non-GAAP net loss and net loss per share for the three months ended March 31, 2005 was $5.2 million, or $0.41 per share, compared to a non-GAAP net loss of $8.6 million, or $0.69 per share, in the prior year quarter ended March 31, 2004.
Cash, marketable securities and long-term investments totaled $65.7 million at March 31, 2005.
"Avici had a solid first quarter," said Bill Leighton, Chief Executive Officer. "After two consecutive disappointing revenue quarters, gross revenue returned to a double digit level, gross margin was strong and our non-GAAP net loss and net loss per share were the lowest in company history while we continued to manage our expenses and utilize our cash prudently."