Re: AFCI's Q1 2000 Results
Thread- Can anyone shed light on the Marconi settlement? Excluding charges, results were $.09/share. Estimates were for $.07/share. -MikeM(From Florida)
____________________
Advanced Fibre Communications Announces First Quarter Results
Revenues Growth 26%
PETALUMA, Calif., April 18- Advanced Fibre Communications, Inc. announced today financial results for the first quarter ended March 31, 2000. Revenues for the first quarter were $85,079,000, compared with $67,590,000, for the first quarter of 1999, an increase of 26%.
Net income for the recently completed quarter was $28,944,000 or $.34 per share(diluted). This includes a $32,750,000 cash payment from Marconi Communications Inc. as part of a settlement of outstanding litigation.
Without this gain and the associated tax effect, net income would have been $7,329,000 or $.09 per share (diluted), compared with $3,012,000 or $.04 per share (diluted), recorded in the first quarter of 1999, an increase in absolute dollars of 143%.
"This is one of the strongest starts to a year AFC has ever experienced," said President & Chief Executive Officer, John Schofield. "In the U.S. we saw strong demand for our products throughout the quarter, allowing us to maintain linearity at a time of the year when there is a traditional seasonal slow down. This is an encouraging sign, as are the signs of a recovery in the international sector that we began to see at the very end of the quarter. I believe a strong overall market demand for telecommunications infrastructure solutions, particularly in the area of broadband, is driving AFC's growth."
The current quarter's results include installation and service fees in revenues and margins. Prior year amounts have been reclassified to conform to the current year's presentation.
Advanced Fibre Communications, Inc. designs and manufacturers end-to-end distributed Multi-Service Access Solutions for the local loop. Its Universal Modular Carrier (UMC1000©) is a global product family, consisting of a variety of industry-leading Multi-Service Access Platforms with integrated optics and intelligent CPE.
The platform utilizes a hybrid ATM/TDM architecture, which provides a variety of loop interfaces for POTS, ISDN, T-1/E-1, HDSL and ADSL services over various feeder transmission technologies, including copper, fiber, and wireless. AFC is also a leading designer and manufacturer of environmentally hardened outside plant cabinets and technology, ranging from 48 to 2,000 lines, as well as indoor cabinets ranging from 48 to 480 lines.
AFC's ONX1012(TM) Optical Network Access System, a packet-aware SONET/SDH add-drop optical system, supports TDM, packet, and cell services. Consistent with AFC's UMC1000 product family, the ONX1012 integrates transport, access, and service termination functionality in a single, cost-effective platform. The OCX103(TM) Optical Customer Access System, a packet-aware linear SONET/SDH multiplexer, provides multi-service extension to remote business subscribers. Both products deliver high-value services to business subscribers.
AFC was the first vendor to ship ADSL modules that integrate ADSL circuits, POTS circuits, and splitters onto a single ADSLx+y(TM) line card for environmentally hardened Multi-Service Access Systems. This enables the delivery of broadband xDSL services for end-users that may not be served directly from a central office. |
