Riverstone posts $15.1 M Q4 revenue

By SiliconIndia   |   Friday, 28 March 2003, 08:00 Hrs
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SANTA CLARA: Riverstone Networks Inc. (Nasdaq:RSTN) Friday reported revenues of $15.1 million for the fourth quarter of fiscal 2003, an increase of 9.7 percent over the previous quarter.

GAAP net loss for the fourth quarter was $40.6 million or $0.33 per share. This compares to third quarter fiscal 2003 GAAP net loss, before extraordinary gain, of $34.1 million or $0.28 per share and fourth quarter fiscal 2002 GAAP net loss of $28.2 million or $0.23 per share.

Fourth quarter fiscal 2003 GAAP net loss includes a $1.3 million stock-based compensation charge, a restructuring charge of $1.2 million, impairment charges of $7.4 million related to investments in privately-held companies, a $5.1 million inventory charge associated with discontinued and excess products, a $4.5 million charge related to a customer lease guarantee, and amortization of intangibles related to the purchase of Pipal Systems, Inc. of $869,000.

Revenues for the year ended March 1, 2003, were $69.6 million, a 67.0 percent decrease compared with revenues of $210.8 million for fiscal 2002.

GAAP net loss for the year was $142.4 million or $1.16 per share. Excluding extraordinary gain, net loss for the year was $148.7 million or $1.21 per share. This compares with a GAAP net loss of $30.7 million or $0.27 per share for fiscal 2002. Fiscal 2003 GAAP net loss includes a $3.1 million stock-based compensation charge, restructuring charges of $9.4 million, impairment charges of $42.5 million related to investments in privately-held companies, a $6.6 million inventory charge associated with discontinued and excess products, a $4.5 million charge related to a customer lease guarantee, and amortization of intangibles related to the purchase of Pipal Systems, Inc. of $869,000.

"During a challenging year for the industry, Riverstone successfully built a broader enterprise business, expanded its worldwide service provider customer base and introduced key new technologies for the networking market," said Romulus Pereira, president and CEO of Riverstone Networks. "We are beginning our fiscal 2004 with a broader, more diversified customer and revenue base, differentiated technology, a stronger financial model and a healthy cash balance."

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