CORV...Reports Revenue of $22.9 Million for the Third Quarter
Customer Field Trial Acceptance and Commercial Deployment Drive Revenue
COLUMBIA, Md.--(BUSINESS WIRE)--Oct. 19, 2000--Corvis Corporation (NASDAQ:CORV - news), a leader in delivering intelligent all-optical networking solutions, today reported its third quarter results for the period ended September 30, 2000.
Corvis recorded revenue of $22.9 million for the three months ended September 30, 2000. Recorded revenue for the quarter was generated by field trial acceptance and commercial deployment of both transport and switching products under the company's contract with Broadwing Communications, Inc.
``Corvis is proud to record strong results for the quarter,'' said Dr. David Huber, Chairman and CEO of Corvis. ``The field trial acceptance and related commercial revenue are evidence that customers desire an all-optical network and that Corvis will be a major player in delivering the most advanced all-optical communications solutions available today.''
On a pro forma basis, the net loss for the current quarter was $23.9 million, or $0.07 per share. Pro forma results for the quarter exclude goodwill and other intangible assets amortization expense and equity-based expense, and use the total common shares outstanding immediately after the Company's recent initial public offering and concurrent private placement.
For the nine months ended September 30, 2000, Corvis reported a pro forma net loss of $72.3 million, or $0.22 per share. Pro forma results for the current nine month period also exclude the purchased research and development expense associated with the acquisition of Algety Telecom S.A.
On an as reported basis, Corvis reported a net loss of $66.4 million, or $0.29 per share, compared with a net loss of $16.1 million, or $0.56 per share for the same quarter in 1999.
For the nine months ended September 30, 2000, the net loss on an as reported basis was $193.9 million, or $1.92 per share, as compared to a net loss of $41.5 million, or $1.59 per share for the same nine month period in 1999.
During the quarter, Corvis successfully demonstrated its 10 Gigabit per second product over a 4,000 kilometer section of Broadwing's nationwide network without electrical regeneration. Broadwing also began commercial deployment of Corvis' suite of all-optical products. All commercially available products have now been shipped to Broadwing, including the Corvis all-optical multi-terabit switch.
The Company's field trial deployment with Williams Communications, Inc. continued in the quarter and is on track with earlier projections and mutually agreed upon test plans. The company expects to recognize revenue upon the successful completion of the ongoing field trial in the upcoming quarter.
``Our performance during the third quarter reflects our commitment to execute at or above our business plan,'' said Dr. Huber. ``We are continuing to scale the company, both in manufacturing and sales efforts, to address the high demand in the industry for leading-edge optical networking products and services.''
About Corvis
Corvis Corporation is a provider of all-optical networks founded by Dr. David Huber, a pioneer in the field of optical communications. The company is revolutionizing the way communications traffic is moved in the new Internet-driven economy by deploying the industry's first all-optical network providing integrated all-optical switching, ultra-long distance transport and network management.
Corvis products and services deliver all-optical network intelligence and mesh network capability. This allows communication service providers to realize a significant gain in network capacity using existing fiber in the field and improve their competitiveness by delivering new and existing services and applications more rapidly, while significantly reducing the overall capital and operational cost of building and maintaining their network.
For more information, call Corvis at 443-259-4000 or visit the Corvis web site at www.corvis.com. Corvis, CorWave and the Corvis logo are trademarks and/or service marks of the Corvis Corporation.
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