Riverstone Networks Inc <RSTN.O> Q1 loss
SANTA CLARA, Calif., June 20 (Reuters) -
RIVERSTONE NETWORKS, INC.
PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding amortization of goodwill and stock-based
compensation (In thousands, except share and per-share
amounts, unaudited)
Three months ended
Jun 2, Jun 3,
2001 2000
NET REVENUES 44,167 15,778
Cost of revenues 19,071 7,271
GROSS PROFIT 25,096 8,507
Operating expenses:
Research and development 13,286 10,177
Sales and marketing 13,097 7,295
General and administrative 4,649 2,766
Total operating expenses 31,032 20,238
OPERATING LOSS (5,936) (11,731)
Interest expense/(income), net (2,300) 4
NET LOSS (3,636) (11,735)
Net loss per share--basic and diluted (0.03) (117,350)
Shares used in per-share calculation
--basic and diluted 107,490,000 100
Pro forma net loss per share
--basic and diluted (0.03) (0.13)
Pro forma weighted number of shares
used in per-share calculation
--basic and diluted 107,490,000 92,088,000
The above pro forma amounts have been adjusted to exclude the
following items:
Amortization of goodwill 388 515
Stock-based compensation 685 263
RIVERSTONE NETWORKS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except share and per-share amounts, unaudited)
Three months ended
Jun 2, Jun 3,
2001 2000
NET REVENUES 44,167 15,778
Cost of revenues 19,071 7,271
Stock-based compensation 93 -
Total cost of revenues 19,164 7,271
GROSS PROFIT 25,003 8,507
Operating expenses:
Research and development 13,286 10,177
Sales and marketing 13,097 7,295
General and administrative 5,037 3,281
Stock-based compensation 592 263
Total operating expenses 32,012 21,016
OPERATING LOSS (7,009) (12,509)
Interest expense/(income), net (2,300) 4
NET LOSS (4,709) (12,513)
Net loss per share--basic and diluted (0.04) (125,130)
Shares used in per-share calculation
--basic and diluted 107,490,000 100
Pro forma net loss per share
--basic and diluted (0.04) (0.14)
Pro forma weighted number of shares used
in per-share calculation
--basic and diluted 107,490,000 92,088,000
RIVERSTONE NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, unaudited)
Jun 2, Mar 3,
2001 2001
ASSETS
Current Assets:
Cash and cash equivalents 70,296 167,949
Short-term investments 105,824 21,540
Accounts receivable, net 28,039 29,891
Accounts receivable, related parties 95 1,241
Inventories, net 13,575 11,169
Prepaid expenses and other
current assets 12,918 9,758
Total current assets 230,747 241,548
Property and equipment, net 17,728 14,020
Goodwill and other
long term assets, net 8,487 8,475
TOTAL ASSETS 256,962 264,043
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable 17,543 19,931
Accounts payable, related parties - 4,583
Deferred revenue 6,790 10,550
Accrued Expenses 13,255 10,197
TOTAL LIABILITIES 37,588 45,261
Stockholders' equity 219,374 218,782
LIABILITIES AND STOCKHOLDERS' EQUITY 256,962 264,043
((New York Newsroom -- 646-223-6000 or
nyc.equities.newsroom@reuters.com))
REUTERS
*** end of story *** |
