Avanex Announces Record Earnings and Revenues; $13.1M Quarter-to-Quarter Revenue Growth
TUESDAY, JANUARY 23, 2001 4:01:00 PM EST
FREMONT, Calif., Jan 23, 2001 /PRNewswire via COMTEX/ -- Avanex Corporation (Nasdaq: AVNX), pioneer of photonic processors that accelerate the deployment of the next generation optical networks, today reported second-quarter results for its fiscal year 2001, which ended December 31, 2000.
Avanex Chairman and Chief Executive Officer Walter Alessandrini noted, "We delivered impressive results again this quarter on a number of fronts. We increased revenue $13.1 million from last quarter, and exceeded our bottom line objectives in Q2 by achieving pro-forma operating income of $4.1 million. We also increased our workforce to almost 1,200 employees from roughly 1,100 in the prior quarter, added 110,000 square feet of facilities space in Fremont, and attained ISO 9001 certification. On the customer side, we increased our diversification and customer base during the quarter by adding our third 10% customer, and continued to broaden the product source of our revenues. It was, for us, a successful quarter."
Net revenues for the quarter ending December 31, 2000 were $47.9 million, an increase of $13.1 million over the company's revenues of $34.8 million for the first quarter of fiscal 2001 ending September 30, 2000. The company reported revenues of $6.5 million in the second quarter ending December 31, 1999.
Pro forma net income for the quarter was $4.1 million, or $0.06 per share excluding non-cash charges for amortization of deferred stock compensation, amortization of intangibles, in-process research and development charge and stock accretion. This compared with a pro forma net income of $2.3 million in the first quarter of fiscal 2001 ending September 30, 2000. Pro forma net loss for the prior year's second quarter was $2.7 million, or $0.40 per share....
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