**OT** ASDL Food chain
More fluctuations in foreign stocks IMHO.
Orckit Reports Revenues Doubled for 1997
PR Newswire - January 26, 1998 07:30
ORCTF
TEL AVIV, Israel, Jan. 26 /PRNewswire/ -- Orckit Communications Ltd.
(Nasdaq: ORCTF), a leader in the development, manufacture and marketing of
Digital Subscriber Line systems and modems, today reported that revenues for
the year ended December 31, 1997 increased 101 percent to $27.5 million,
compared to $13.7 million for the year ended 1996.
Revenues for the fourth quarter ended December 31, 1997 increased
27.9 percent to $7.4 million, compared to $5.8 million for the fourth quarter
of 1996.
The net loss for the year ended December 31, 1997 was $158,000, or ($0.01)
per share, compared with a net loss of $3.1 million, or ($0.25) per share, for
the year ended December 31, 1996. Net income for the fourth quarter was
$522,000 or $0.04 per share, against a net loss of $912,000, or ($0.06) per
share, for the fourth quarter of 1996.
"The fourth quarter wrapped up 1997 on a positive note for our partnership
strategy, ADSL sales, and our bottom line," said Izhak Tamir, President of
Orckit. "We have been concentrating on cost reduction in our products, and we
have greatly succeeded in that respect."
A significant accomplishment during the fourth quarter was the selection
of Orckit's DSLAM system, together with Fujitsu Network Communications, by
Sprint for a field trial. "Until recently, US telecom operators were
lab-testing our European-style central office equipment. Sprint is the first
major US operator to select our new US-oriented equipment on a competitive
basis for use on their telephone lines, and the results have been positive,"
remarked Mr. Tamir. "Sales of our FastInternet DSLAM system have increased
during the past quarter."
Building on its success in Europe, Orckit's FastInternet DSLAM system was
selected for a 1,000 line ADSL trial in Holland together with Lucent
Technologies earlier in the quarter. PTT Telecom is the fifth Western
European operator to select Orckit's equipment for ADSL trials.
Culminating a year of key strategic partnership announcements, Orckit
announced during the fourth quarter its alliance with Rockwell Semiconductor
Systems for the development of HDSL2 chips, and its marketing, development and
manufacturing partnership with Siemens Public Communication Networks Group for
incorporation of Orckit's VDSL solution into Siemens' Broadband system.
"Our involvement in the HDSL2 market for advanced 2 Mbps transmission is
an opportunity for Orckit to penetrate the North American market," said Mr.
Tamir. "We expect HDSL2 to be a cost-effective integrated solution together
with SONET fiber systems. Our exclusive alliance with Fujitsu Network
Communications, a leader in the SONET market, provides us with a direct entry
into this market."
Orckit Communications develops, manufactures and markets a wide range of
high-speed local loop communications systems, including HDSL (High Bit Rate
Digital Subscriber Line), ADSL (Asymmetric Digital Subscriber Line), SDSL
(Symmetric Digital Subscriber Line) and VDSL (Very High Bit Rate Digital
Subscriber Line). Orckit is an active participant in many standards bodies
concerning ADSL. Dan Arazi, Executive VP Marketing and Sales, is on the
Board of Directors of the ADSL Forum, and Nigel Cole, VP new Business
Development, is the Chair of the Technical Committees of the ADSL Forum.
Orckit is a strategic partner of Fujitsu Network Communications in North
America. For more information about Orckit or its xDSL technologies,
interested parties can visit the company's web site at orckit.com.
Certain matters discussed in this news release are forward-looking
statements that involve a number of risks and uncertainties including, but not
limited to, risks in product development plans and schedules, rapid
technological change, changes and delays in product approval and introduction,
customer acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary rights of the
Company and its competitors, risk of operations in Israel, government
regulation, dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the Company's United
States Securities and Exchange Commission filings. |
