FiberCore Announces $18 Million European Contract; Stock Joins Russell
3000(R) Index
CHARLTON, Mass., Jul 10, 2001 /PRNewswire via COMTEX/ -- FiberCore, Inc.
(Nasdaq: FBCE), a leading manufacturer and global supplier of optical fiber and
preform for the telecommunication and data communications markets, today
announced that it received a multi-year contract from an existing customer
valued at approximately $18 million, a portion of which is guaranteed under a
"take or pay" arrangement.
The contract is primarily for multimode fiber, but also includes high
performance GigaGrade(TM) and single-mode fiber. Product is scheduled to be
shipped during 2002 through the end of 2004 from the Company's German production
facilities and has been added to backlog which, excluding this contract, has
grown from a record $260 million at the end of March 2001 to over $300 million
at the end of June 2001.
Commenting on the contract, Bob Sebesto, Vice President of Global Sales and
Marketing said, "Our multimode fiber continues to gain acceptance with many of
the world's leading independent cablers because of its superior performance,
particularly in tight buffer cable constructions that require fibers with
minimal bend sensitivity. These superior performance characteristics as well as
our strong customer relationships have enabled us to continue to grow our
backlog. This is particularly gratifying in light of recent weakness in other
sectors of the fiber optic market. A further reason for our continued growth is
that we sell our fiber primarily into the global data communications and access
markets rather than into the U.S. telecom long haul sector, which is
experiencing a major slowdown."
The Company also confirmed today that it recently joined the Russell 3000(R)
Index. Index membership became effective on July 1 and will remain in place for
a minimum of one year.
FiberCore, Inc. develops, manufactures, and markets single-mode and multimode
optical fiber preforms and optical fiber for the telecommunications and data
communications markets. In addition to its standard multimode and single-mode
fiber, FiberCore also offers various grades of fiber for use in laser-based
systems, to help guarantee high bandwidths and to suit the needs of MAN
(metropolitan area networks), Fiber-to-the Curb, Fiber-to-the Home and
Fiber-to-the Desk applications. Manufacturing facilities are presently located
in Jena, Germany and Campinas, Brazil.
For more information about the company, its products, or shareholder information
please visit our Website at: www.FiberCoreUSA.com or contact us at: Phone -
508-248-3900 or by FAX - 508-248-5588 or E-Mail: sales@FiberCoreUSA.com ;
investor_relations@FiberCoreUSA.com
Except for the historical matters discussed above, the statements in this press
release are forward looking and are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. They are
based on the Company's current expectations and are subject to a number of risks
and uncertainties. Actual results may differ materially from those projected as
a result of certain general economic and business conditions; loss of market
share through competition; introduction of competing products by other
companies; changes in Industry capacity; pressure on prices from competition or
from purchasers of the Company's products; availability of qualified personnel;
the delivery of an ability to commission new equipment as scheduled; ability to
obtain required financing; dependence on a limited number of raw material
suppliers; the loss of any significant customers; and other factors detailed
from time to time in the Company's filings with the Securities and Exchange
Commission. |
