CPN is indeed well positioned. BTW this one is playing as we thought. Gotta go. See ya,..
askresearch.com
Bot some of this yesterday.
askresearch.com
For the Bandwidth Bears
Corvis has $650 mln backlog for networking products
WEDNESDAY, FEBRUARY 7, 2001 10:04:00 PM EST
SAN FRANCISCO, Feb 7 (Reuters) - Corvis Communications Corp. CORV said on Wednesday that it has $650 million in unfilled orders for its long-distance optical networking equipment products, and has no plans to change its financial outlook for the year.
At a Banc of America conference for technology investors, David Huber, Corvis' chief executive, said that demand is as strong as ever for ultra-high bandwidth data transmission products such as those made by Corvis.
"The excess capacity that's been talked about in the industry, I don't believe it's there," said Huber, who was also a co-founder of telecommunications equipment giant, Ciena Corp.
CIEN.
Corvis, based in Columbia, MD., has three major telecommunications service provider customers: Williams Communications Group Inc. WCG , Qwest Communications International Q, and Broadwing Communications BRW.
It is in negotiations with a number of other telecommunications operators around the world that are in "different states of maturation", said Chief Financial Officer Anne Stuart, adding that Corvis hoped to sign up 1 or 2 additional customers by the first half of this year.
At its fourth-quarter earnings report in late January, Corvis posted a net loss of $89.7 million, or 27 cents per share, on revenue of $46 million, up from $22.9 million in the third quarter - the first quarter Corvis had any revenues.
Analysts surveyed by First Call/Thomson Financial project Corvis to post revenues of $312 for the fiscal year ending December.
Corvis was up 10 percent in regular Nasdaq trade on Wednesday to $19-1/2. The stock has lost 26 percent of its value since the start of the year. |
