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Technology Stocks : ONI Systems Corp. (ONIS)
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To: Ron who wrote (71)4/17/2001 5:01:06 PM
From: Glenn Petersen  Read Replies (1) of 227
 
ONIS beats expectations:

ONI Systems Q1 beats estimates as revenues increase

SAN JOSE, Calif. April 17 (Reuters) - ONI Systems Corp. <ONIS.O>, a maker of optical networking products for telecom companies, on Tuesday reported a better-than-expected first-quarter loss of 7 cents per share on a pro forma net loss of $9.3 million, reflecting higher revenues from the addition of five new customers.

Analysts on average had forecast a loss of 8 cents per share for the quarter ended March 31, according to First Call/Thomson Financial estimates. Estimates ranged from a loss of 8 cents to a loss of 9 cents.

ONI Systems said it is now in position to reach break-even earnings per share in the fourth quarter of this year.

San Jose, Calif.-based ONI Systems reported its pro forma net loss of 7 cents per share excluding non-cash charges related to stock compensation and other charges compared to a 9 cent per share loss in the prior quarter and a 62 cent loss in first-quarter 2000.

ONI Systems said its first-quarter revenue of $45.1 million increased about 50 percent over the prior quarter and from $3.6 million in the first quarter of 2000.

The company also said it expects revenue of $50 million to $60 million in the second quarter up from a prior estimate of $45 million to $55 million, while third-quarter revenue is expected to be between $60 million and $70 million.

The company also said it now expects $245 million to $255 million in revenue for 2001, up from an earlier forecast of $225 million to $235 million.

16:46 04-17-01
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