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jim_duffy
Managing Editor

Avici Systems’ loss is less

Opinion
Feb 03, 20031 min
Networking

* 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, 2002, 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.

jim_duffy
Managing Editor

Jim Duffy has been covering technology for over 28 years, 23 at Network World. He covers enterprise networking infrastructure, including routers and switches. He also writes The Cisco Connection blog and can be reached on Twitter @Jim_Duffy and at jduffy@nww.com.Google+

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