Avici Systems Takes Further Action To Manage Costs
North Billerica, MA, November 30, 2001 -- Avici Systems (Nasdaq: AVCI), a leading provider of scalable and reliable core routing solutions for the Internet, today announced that it has further reduced its workforce by 40 employees, or approximately 12% of the organization.
"This workforce reduction is focused on reducing SG&A and manufacturing expenses in light of the carrier market slowdown. It will not impact our continued progress and execution on customer commitments and trials," said Steve Kaufman, President and CEO. "As we see market conditions remaining flat through the first half of 2002, we are taking this action to further reduce our expenses, conserve cash and drive the company to profitability."
About Avici Systems
Avici Systems Inc., headquartered in North Billerica, Mass., is a leading
provider of purpose-built carrier-class routing solutions for the Internet.
Avici's family of routers is designed to meet carrier requirements
for the highest scalability, reliability and network availability,
while lowering the total cost of building and operating their networks.
The company's routing systems provide new IP solutions to some of the
world's leading service providers. For more information, please visit
us at www.avici.com.
This release contains information about Avici's future expectations, plans, and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. When used in this press release, the word "will", "expected" and other similar expressions are intended to identify such forward looking statements.
Such risks and uncertainties include, but are not limited to, market acceptance of Avici products, services and enhancements, customer purchasing patterns and commitments, development of the market place, product development and enhancement, intensity of competition of other vendors, technological changes and other risks set forth in Avici's filings with the Securities and Exchange Commission.
| For more information contact: |
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| Inna Vyadro Director of Investor Relations Avici Systems 978-964-2000 ivyadro@avici.com |
Paul Brauneis Chief Financial Officer Avici Systems 978-964-2000 pbrauneis@avici.com |