Nice re-cap!
ljm
Release - 25-Oct-2000
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Avanex Stockholders Re-Elect Board Members; Chairman Recaps Year of Growth at Annual Meeting
FREMONT, Calif., Oct. 24 /PRNewswire/ -- The stockholders of Avanex Corporation (Nasdaq: AVNX) at today's annual meeting approved the re- election of the three members of the company's Board of Directors whose previous terms had expired, and company Chairman and CEO Walter Alessandrini recapped key milestones achieved over the past year.
Re-elected to the Board as Class 1 Directors were Alessandrini; Michael Goguen, a general partner with Sequoia Capital; and Greg Reyes, president and CEO of Brocade Communications Systems Inc. Their new three-year terms expire at the annual stockholders meeting in 2003.
During the meeting, Alessandrini noted that the company achieved solid growth for each of its key metrics in the past year.
"We concluded our fiscal year 2000 with record performance in revenues, gross margins and operating income. We continued that during our first quarter 2001 with pro forma earnings per share of $0.03 versus analysts' estimates of a break-even quarter, and we exceeded analysts' estimates for revenue and gross margin percentage for Q1 2001," Alessandrini told stockholders attending today's annual meeting, also noting that the company "is precisely on target with our annual plan."
"We have made real progress in product development, customer growth and operating efficiency. We have moved from operating losses to operating profit much faster than expected by the Street. We have strengthened the management team to help assure we achieve the results expected, and we are committed to providing our stockholders continually improving results," he said.
Alessandrini added that order bookings continued to increase. "We achieved $71 million in revenue from September 1999 through September 2000, have three product lines shipping, diversified our customer base by increasing it from eight to 12 customers, and broadened our revenue base with about 60 percent of revenues now coming from WorldCom and more than 10 percent from Fujitsu. In addition, we have broadened our product base. Our PowerMux(TM) Wavelength Channel Processor and PowerExchanger(TM) Optical Add/Drop Processor accounted for 40 percent of our revenue in the First Quarter, an increase from 20 percent in the Fourth Quarter of 2000," he said. The company's PowerFilter(TM) Wavelength Separators accounted for the balance of the company's revenue during the most recent quarter.
Alessandrini also said the company has additional products gaining market entry. The PowerShaper(TM) Dispersion Management Processor is undergoing qualification testing, while the PowerExpress(TM) Integrated Long-Haul Processor is expected to go into Beta testing this quarter. Also, the PowerMux NxG(TM) Wavelength Channel Processor is expected to begin Beta testing next quarter.
Among other highlights of the company's performance during the past year, Alessandrini noted the following:
The addition of 91,000 square feet of space at the company's Fremont headquarters and manufacturing facility, with an additional 110,000 square feet leased at nearby Stevenson Point for occupancy in February 2001. The imminent move of The Photonics Center(TM) in Richardson, Texas, to a new site in which Avanex will occupy 22,000 square feet, more than three times the current space.
Continued increases in the size of the workforce (1,145 as of October 24, 2000), and an increase to more than 180 people involved in R&D and engineering.
Continued growth in intellectual property, with 10 new patents filed. The company has 60 patents now filed, allowed or issued. Certification of the Fremont facilities to the ISO 9001 Quality standard by internationally recognized auditing firm DNV (Det Norske Veritas) The selection of Paul Engle as President and Chief Operating Officer, the promotion of Dr. Simon Cao to Chief Technology Officer, and the promotion of Paul Jiang to Senior Vice President of Manufacturing and Supply Management.
Stockholders also ratified the appointment of Ernst & Young, LLP as independent accountants of the company for the fiscal year ending June 30, 2001.
About Avanex
Avanex designs, manufactures and markets photonic processors for the communications industry. Avanex's photonic processors offer communications service providers and optical systems manufacturers greater levels of performance and miniaturization, reduced complexity and increased cost- effectiveness as compared to current alternatives.
Avanex was incorporated in 1997 and is headquartered in Fremont, Calif. In addition to a development and manufacturing facility in Fremont, the company also maintains The Photonics Center(TM) in Richardson, Texas.
To learn more about Avanex, visit its web site at: www.avanex.com.
Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act. Actual results could differ materially from those projected in the forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, our inability to sufficiently anticipate market needs and develop products and product enhancements that achieve market acceptance.
Avanex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE Avanex Corporation
CONTACT: media, Tony Florence, 510-897-4162, or fax, 510-979-0198, or e-mail, tony_florence@avanex.com , or investors, Mark Weinswig, 510-897-4344, or fax, 510-897-4345, or e-mail, mark_weinswig@avanex.com , both of Avanex Corporation/ |
