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To: JHR who wrote (8411)	9/21/2001 11:25:34 AM
From: JHR	Respond to of 23153

Here's the note: ONI Systems Warning VANCOUVER, BRITISH COLUMBIA, Sep 21, 2001 (INTERNET WIRE via COMTEX) -- ONI Systems Corp. (NASDAQ: ONIS chart, msgs), fell after an earnings warning. ONI Systems Corp. stated that its results for the remainder of the year would be lower than earlier expectations. The Company said it will record charges "to resize the business and reduce excess expenses'' amid the deteriorating global telecommunications market. ONI Systems now expects revenues of $40 million to $50 million for the third quarter ending Sept. 30, down from previous guidance of $75 million to $80 million. Fourth quarter revenue is also expected to range from $40 million to $50 million, compared with earlier forecasts of $85 million to $90 million, it said. San Jose, California, based ONI Systems expects a third-quarter loss of 17 cents to 21 cents per share, excluding restructuring and non-recurring charges, and it no longer expects to reach the break-even mark on a continuing operations basis in the fourth quarter as previously forecast. Hugh Martin, chairman, president and CEO of ONI Systems, said, "We are taking the steps necessary to align expenses with our revised revenue expectations." He went on to say, "In short, we are prepared for success when the market recovers." For more on ONI Systems Corp. as well as real-time news alerts on other publicly traded stocks and mutual funds, please visit www.EquityAlert.com. CONTACT: Bill Mann EquityAlert.com, Inc 604-659-5009 Copyright 2001 Internet Wire, All rights reserved.