Avici Systems Announces First Quarter Results Revenues Up 78% Over Preceding Quarter
NORTH BILLERICA, Mass.--(BUSINESS WIRE)--April 19, 2001--Avici Systems Inc. (NASDAQ: AVCI - news), a leading provider of scalable core routing solutions for intelligent IP-over-optical networks, today reported record revenues for its first quarter ended March 31, 2001 of $15,711,000 and a pro forma net loss (excluding non-cash equity related charges) for the March 2001 quarter of $11,827,000 or a pro forma net loss per share of $0.24. First quarter revenues increased 78% from the preceding quarter. Cash, securities and investments totaled $214,300,000 at March 31, 2001.
Surya Panditi, Co-Chairman and Chief Executive Officer of Avici said, ``We exceeded our revenue expectations for the quarter and I am pleased to report that again AT&T, Qwest and Enron each accounted for over 10% of total revenues.'' Mr. Panditi continued, ``I am also enthused with the progress we made on improving our gross margins and bottom line performance as we continue to move toward profitability.''
``In addition to improving our operating performance, Avici expanded its international operations into Asia, an area that promises to be one of the long-term drivers of new network buildout, by opening offices in both Hong Kong and Beijing. We also forged new relationships with Dimension Data and Orchestream to broaden the solutions Avici offers to the service provider market,'' added Steve Kaufman, President and COO of Avici. |
