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Technology Stocks : Oclaro, Inc. (Avanex-Bookham) -- Ignore unavailable to you. Want to Upgrade?

To: Kayaker who wrote (782)	10/18/2000 4:35:15 PM
From: Kayaker	Read Replies (1) \| Respond to of 2293

Avanex Announces Record Earnings And Revenues $15.5M Quarter-to-Quarter Revenue Growth; First Pro Forma Operating Income Achieved FREMONT, Calif., Oct. 18 /PRNewswire/ -- Avanex Corporation (Nasdaq: AVNX - news), pioneer of photonic processors that accelerate the deployment of the next generation optical networks, today reported first quarter results for its fiscal year 2001, which ended September 29, 2000. Avanex Chairman and Chief Executive Officer Walter Alessandrini noted, ``We delivered impressive results this quarter on a number of fronts. We increased revenue $15.5 million from last quarter, and substantially exceeded our bottom line objectives in Q1 by achieving our first pro-forma operating income. We also increased our workforce to almost 1,100 employees from roughly 700 in the prior quarter, closed the acquisition of Holographix, Inc., and are tripling the size of The Photonics Center(TM) in Richardson, Texas. In addition, we added Paul Engle to the senior management team as President and Chief Operating Officer. On the customer side, we increased our diversification and customer base during the quarter as we continue to see strong demand for our products. The market opportunity is enormous and we continue to focus on scaling the company.'' Net revenues for the quarter ending September 29, 2000 were $34.8 million, an increase of $15.5 million over the company's revenues of $19.3 million for the fourth quarter of fiscal 2000 ending June 30, 2000. The company reported revenues of $4.4 million in the first quarter ending October 1, 1999. Pro forma net income for the quarter was $2.3 million, or $0.03 per share excluding non-cash charges for amortization of deferred stock compensation, amortization of goodwill, in-process research and development associated with the Holographix acquisition, and stock accretion. This compared with a pro forma net loss of $288,000 in the fourth quarter of fiscal 2000 ending June 30, 2000. Pro forma net loss for the prior year's first quarter was $1.4 million, or $0.22 per share. Net loss for the quarter including non-cash charges for amortization of deferred stock compensation, amortization of goodwill, in-process research and development associated with the Holographix acquisition, and stock accretion was $25.3 million, or $0.46 per share compared to a net loss of $22.4 million or $3.70 per share for the same period in the prior year.... biz.yahoo.com Note: Yahoo shows expected EPS was 0¢.