Tellium 3rd Quarter Pro Forma Loss 18 Cents/Share

By SiliconIndia   |   Thursday, 31 October 2002, 08:00 Hrs   |    3 Comments
Printer Print Email Email
Tellium has posted a pro forma cash basis net loss of $17.4 million, or a loss of $0.18 per basic and diluted share, as compared to a net loss of $7.4 million or a loss of $0.07 per basic and diluted share, during the third quarter of 2001.

OCEANPORT: On a GAAP basis, the company's net loss for the third quarter was $114.0 million, or a loss of $1.15 per basic and diluted share. In the same quarter last year, on a GAAP basis, the company's net loss was $48.2 million, or a loss of $0.47 per basic and diluted share. Revenues were $1.9 million during the quarter, compared with $3.1 million in the previous quarter and $40.1 million for the third quarter last year, the company said in a press release.

Tellium ended the September quarter with $183.2 million of cash on hand, which reflects a reduction in cash of $22.9 million during the quarter. Tellium's cash outlay during the quarter included payment of approximately $5.0 million in costs related to its business restructure announced in June. The company expects its operating expenditures in the fourth quarter to be approximately $15.0 million, consistent with the company's prior guidance.

Tellium completed its stock exchange program on September 4, 2002. As a result of the program, Tellium accepted and cancelled options to purchase 13,479,441 shares of common stock, or approximately 91 percent of the options that were eligible to be tendered in the offer. In connection with the exchange offer, Tellium granted 1,347,962 shares of common stock to participating employees on September 5, 2002 and, subject to the terms of the offer, will grant options to purchase up to 12,131,479 shares of common stock on or after March 6, 2003 at the then current fair market value. This transaction resulted in a reduction of deferred compensation of approximately $55.0 million, which is included in the stock-based compensation expense on our GAAP financial statements. Stock-based compensation also included $27.0 million in non-cash charges related to the write down of existing notes receivable. This is in accordance with the guidance set forth by EITF Issue No. 00-23, "Issues Related to the Accounting for Stock Compensation under APB Opinion No. 25 and FASB Interpretation No. 44."

"Our balance sheet and cash position remain strong and we are committed to prudently managing our cash," said Harry Carr, chairman of the board and chief executive officer of Tellium. "We will continue to focus on reducing our operating expenses and aggressively seeking new revenue opportunities as we work through these difficult times in our industry."

Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..