Avanex announces fourth quarter results, reduces workforce

Aug. 1, 2001
Aug. 1, 2001--Avanex President and Chief Executive Officer said, "We are using this time to restructure our operations in order to lower costs, increase cash flow, and improve our position with customers."

Avanex Corporation (Nasdaq: AVNX), a provider of photonic processors that accelerate the deployment of the next generation optical networks, reported fourth quarter and full year results for its fiscal year 2001 ended June 30, 2001.

Avanex President and Chief Executive Officer Paul Engle said, "We are using this time to restructure our operations in order to lower costs, increase cash flow, and improve our position with customers." During the fourth quarter, the company also initiated actions to reduce its workforce.

Avanex's net revenues for the quarter ended June 30, 2001 were $18.2 million, a decrease of $1.1 million over the Company's revenues of $19.3 million for the fourth quarter of fiscal 2000 ended June 30, 2000. The Company reported revenues of $30.3 million in the third fiscal quarter ended March 31, 2001.

Pro forma net loss for the quarter was $1.6 million, or $0.03 per share excluding charges for amortization of deferred stock compensation, excess inventory, amortization of intangibles, stock accretion and restructuring. This compared with a pro forma net loss of $0.3 million, or $0.01 per share for the fourth quarter of fiscal 2000. The Company reported pro forma net loss of $1.6 million, or $0.03 per share in the third fiscal quarter ended March 31, 2001.

Net loss for the quarter including charges for amortization of deferred stock compensation, incremental excess inventory, amortization of intangibles, stock accretion, and restructuring was $49.3 million or $0.82 per share compared to a net loss of $7.4 million or $0.14 per share for the same period in the prior year. An incremental net provision for excess inventory of $13.1 million was recorded in the fourth quarter due to the substantial and unexpected drop in customer demand the Company experienced. Net loss was $36.4 million or $0.62 per share loss in the third fiscal quarter ended March 31, 2001.

About Avanex:

Avanex designs, manufactures and markets photonic processors for the communications industry. For more information, visit www.avanex.com.

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