Avici Systems Announces First Quarter Results
Reports Sequentially Improved Bottom Line Performance
North Billerica, MA, April 18, 2002 -- Avici Systems Inc. (NASDAQ: AVCI), the specialist in high reliability routing solutions for the Internet, today reported its first quarter results for the period ended March 31, 2002.
Gross revenue for the first quarter ended 2002 was $9.2 million compared to $9.2 million in the preceding quarter ended December 31, 2001 and $15.7 million in the prior year's first quarter ended March 31, 2001. Revenue, net of common stock warrant discount for those periods was $8.4 million, $8.4 million and $14.9 million, respectively.
Pro forma net loss and net loss per share, which excludes non-cash charges relating to equity issuances, was $15.6 million or $0.31 per share for the quarter ended March 31, 2002, compared to $16.3 million or $0.33 per share in the December 2001 quarter and $11.8 million or $0.24 per share in the prior year's first quarter ended March 31, 2001.
Actual net loss and net loss per share for the March 2002, December 2001 and March 2001 quarterly periods was $18.4 million or $0.37 per share, $21.2 million or $0.43 per share and $17.1 million or $0.35 per share, respectively.
Cash, marketable securities and long-term investments totaled $148.9 million at March 31, 2002.
"This quarter we improved our bottom line performance despite difficult market conditions," said Steve Kaufman, President and CEO. "We continue to gain momentum in our customer trials and execute on new product innovations for our customers. With our recently announced product enhancements, we have extended the power of our routers into new market segments. This will help carriers reduce network equipment costs and improve security."
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 |