AVNX...$15.5M Quarter-to-Quarter Revenue Growth; First Pro Forma Operating Income Achieved
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FREMONT, Calif., Oct. 18 /PRNewswire/ --
Avanex Corporation (Nasdaq: AVNX - news), pioneer of photonic processors that accelerate the deployment of the next generation optical networks, today reported first quarter results for its fiscal year 2001, which ended September 29, 2000.
Avanex Chairman and Chief Executive Officer Walter Alessandrini noted, ``We delivered impressive results this quarter on a number of fronts. We increased revenue $15.5 million from last quarter, and substantially exceeded our bottom line objectives in Q1 by achieving our first pro-forma operating income. We also increased our workforce to almost 1,100 employees from roughly 700 in the prior quarter, closed the acquisition of Holographix, Inc., and are tripling the size of The Photonics Center(TM) in Richardson, Texas. In addition, we added Paul Engle to the senior management team as President and Chief Operating Officer. On the customer side, we increased our diversification and customer base during the quarter as we continue to see strong demand for our products. The market opportunity is enormous and we continue to focus on scaling the company.''
Net revenues for the quarter ending September 29, 2000 were $34.8 million, an increase of $15.5 million over the company's revenues of $19.3 million for the fourth quarter of fiscal 2000 ending June 30, 2000. The company reported revenues of $4.4 million in the first quarter ending October 1, 1999.
Pro forma net income for the quarter was $2.3 million, or $0.03 per share excluding non-cash charges for amortization of deferred stock compensation, amortization of goodwill, in-process research and development associated with the Holographix acquisition, and stock accretion. This compared with a pro forma net loss of $288,000 in the fourth quarter of fiscal 2000 ending June 30, 2000. Pro forma net loss for the prior year's first quarter was $1.4 million, or $0.22 per share.
Net loss for the quarter including non-cash charges for amortization of deferred stock compensation, amortization of goodwill, in-process research and development associated with the Holographix acquisition, and stock accretion was $25.3 million, or $0.46 per share compared to a net loss of $22.4 million or $3.70 per share for the same period in the prior year.
About Avanex
Avanex designs, manufactures and markets photonic processors for the communications industry. Avanex's photonic processors offer communications service providers and optical systems manufacturers greater levels of performance and miniaturization, reduced complexity and increased cost- effectiveness as compared to current alternatives.
Avanex was incorporated in 1997 and is headquartered in Fremont, Calif. In addition to a development and manufacturing facility in Fremont, the company also maintains The Photonics Center(TM) in Richardson, Texas.
To learn more about Avanex, visit its web site at: www.avanex.com
Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act. Actual results could differ materially from those projected in the forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, our inability to sufficiently anticipate market needs and develop products and product enhancements that achieve market acceptance.
Avanex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
AVANEX CORPORATION
Proforma Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
September 29, October 1,
2000 1999
Net revenue $34,767 $4,417
Cost of revenue 19,255 3,431
Gross profit 15,512 986 |
