AVANEX CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2002 2001 2002 2001
Net revenue $10,185 $30,311 $25,660 $113,026
Cost of revenue 7,182 39,775 21,614 84,335
Gross profit (loss) 3,003 (9,464) 4,046 28,691
Operating expenses:
Research and development 6,087 11,064 17,819 29,932
Sales and marketing 1,698 4,083 4,729 12,806
General and administrative 2,151 3,275 5,660 9,990
Stock compensation 4,331 10,563 19,461 44,495
Acquired in-process
research and development -- -- 5,445 4,700
Amortization of
intangibles 2,632 2,619 7,870 7,036
Restructuring charge 17,116 -- 16,665 --
Total operating expenses 34,015 31,604 77,649 108,959
Loss from operations (31,012) (41,068) (73,603) (80,268)
Other income, net 896 3,553 3,700 10,477
Loss before income taxes (30,116) (37,515) (69,903) (69,791)
Income taxes (benefits) -- (1,101) -- 3,209
Net loss $(30,116) $(36,414) $(69,903) $(73,000)
Basic and diluted net loss
per common share $(0.45) $(0.62) $(1.09) $(1.28)
Weighted average shares used
in
computing basic and
diluted net loss
per common share 66,583 58,607 63,863 56,849
Calculation of net loss
excluding special
items:
Net loss per above $(30,116) $(36,414) $(69,903) $(73,000)
Cost of revenue items:
Provision for excess
inventory 1,028 21,591 3,943 21,591
Settlement of non-
cancelable purchase
commitment -- -- (590) --
Utilization of excess
inventory previously
written off (2,186) -- (3,446) --
(1,158) 21,591 (93) 21,591
Operating expenses items:
Stock compensation 4,331 10,563 19,461 44,495
Acquired in-process
research and development -- -- 5,445 4,700
Amortization of
intangibles 2,632 2,619 7,870 7,036
Utilization in R&D of
excess inventory
previously written off (292) -- (292) --
Restructuring charge 17,116 -- 16,665 --
23,787 13,182 49,149 56,231
Net loss excluding special
items $(7,487) $(1,641) $(20,847) $4,822
AVANEX CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, June 30,
2002 2001
Assets
Current assets:
Cash and cash equivalents $54,525 $79,313
Short-term investments 99,024 125,278
Accounts receivable, net 2,464 13,977
Inventories 5,681 6,451
Other current assets 2,558 877
Total current assets 164,252 225,896
Long-term investments 39,082 16,462
Property and equipment, net 20,630 25,864
Intangibles, net 41,870 42,724
Other assets 605 643
Total assets $266,439 $311,589
Liabilities and stockholders'
equity
Current liabilities:
Short-term borrowings $6,524 $6,488
Accounts payable 4,300 13,506
Current portion of accrued
restructuring 3,964 7,333
Other accrued expenses 2,431 6,563
Warranty 4,134 5,589
Current portion of long-term
obligations 5,842 5,060
Accrued compensation and
related expenses 3,615 4,756
Deferred revenue 187 1,948
Total current liabilities 30,997 51,243
Long-term obligations 8,718 12,527
Accrued restructuring 18,078 2,465
Total liabilities 57,793 66,235
Stockholders' equity:
Common stock 69 65
Additional paid-in capital 500,053 489,204
Notes receivable from
stockholders (1,316) (2,048)
Deferred compensation (11,208) (32,818)
Accumulated deficit (278,952) (209,049)
Total stockholders' equity 208,646 245,354
Total liabilities and
stockholders' equity $266,439 $311,589
Contact Information:
Investor Relations Media
Mark Weinswig Tony Florence
Phone: 510-897-4344 Phone: 510-897-4162
Fax: 510-897-4345 Fax: 510-979-0198
e-mail: mark_weinswig@avanex.com tony_florence@avanex.com |
