Avici trims loss on lower revenue

Avici Systems posted fourth-quarter 2002 results generally in line with Wall Street expectations, yet the full year loss was larger than anticipated.

For the period ended Dec. 31, quarterly revenue was $7.3 million and year-end revenue was $33.1 million, compared to $9.2 million and $56.6 million in the comparable periods a year ago.

Net loss for the fourth quarter was $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. The loss was two cents better than analyst estimates of a $1.17 per-share loss.

"Our improving bottom-line results stem from continued cost controls in the midst of a challenging market," said Steve Kaufman, Avici president and CEO, in a statement.

Fourth-quarter revenue was flat compared to the third quarter's revenue. Pro forma net loss for the third quarter ending Sept. 30 was $16.0 million, or $0.32 per share.

Full-year net loss was $66.7 million, or $5.35 per share, compared to $95.5 million, or $7.75 per share for 2001. The per-share loss for 2002 was $0.45 more than the $4.90 per share loss Wall Street expected.

All per-share data has been restated to account for a one-for-four reverse stock split effective Nov. 12, 2002.