Avici Systems Reports Fourth Quarter and Full Year Results
North Billerica, MA, January 24, 2002 -- Avici Systems Inc. (NASDAQ: AVCI), a leading provider of scalable and reliable core routing solutions for the Internet, today reported its fourth quarter and full year results for the periods ending December 31, 2001.
Revenues for the fourth quarter were $9.2 million, compared with $10.3 million for the third quarter. Pro forma net loss was $16.3 million or $0.33 per share, compared with pro forma net loss of $19.4 million or $0.39 per share in the third quarter of 2001. Cash, securities and long-term investments totaled $164.4 million at December 31, 2001.
Revenues for the year ended December 31, 2001 were $56.6 million, compared to $15.9 million for the year ended December 31, 2000, an increase of 256%. Pro forma net loss for 2001 was $59.0 million or $1.20 per share, compared with $58.8 million or $1.41 per share during 2000.
"In 2001 we took decisive actions to broaden our product line and manage expenses in the face of challenging industry conditions," said Steve Kaufman, President and CEO. " With the introduction of the SSR™ (stackable switch router) in Q4, we have significantly expanded our sales opportunities among leading global carriers."
Revenues, net of warrant discount, for the fourth quarter and year ended December 31, 2001 were $8.4 million and $53.4, respectively, compared to $8.0 million and $15.1 million for the fourth quarter and full year ended December 31, 2000. Actual net loss as appearing in the attached consolidated statement of operations, including for the periods indicated, common stock warrant discount, common stock warrant expense, non-cash stock based compensation, restructuring charges (credits), excess inventory charges and purchased in-process research and development was $21.2 million or $0.43 per share and $95.5 million or $1.94 per share for the fourth quarter and year ended December 31, 2001, respectively. Actual net loss for the fourth quarter and full year periods ended December 31, 2000 was $18.4 million or $0.38 per share and $84.7 million or $3.69 per share, respectively.
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.
Avici, TSR and SSR are trademarks of Avici Systems Inc.
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 |