Adva "breaks even" with Q1 2002 revenue of Euro21.6 m

13 May 2002 -- Adva Optical Networking has announced first quarter (Q1) 2002 financial results for the period ended March 31, 2002. Revenues reached Euro21.6m, an increase of 19.6% on last year's figures.

13 May 2002 -- Adva Optical Networking has announced first quarter (Q1) 2002 financial results for the period ended March 31, 2002. Revenues reached Euro21.6m, an increase of 19.6% over Q1 2001 of Euro18.0m.

Pro forma operating loss improved from Euro3.6m in the first quarter 2001 to and operating income of Euro0.1 million in Q1 2002. Pro forma net loss from continuing operations improved from Euro2.7m in Q1 2001 to Euro0.1m this year.

Andreas Rutsch, Adva's CFO, said, "We progressed to reach key 2002 objectives: delivering pro forma operating profitability and forming distribution partnerships with two of the largest equipment vendors in North America and Japan.

"We furthermore signed a strategic Original Equipment Manufacturer partnership with Fujitsu Network Communications for the North American region, and formed a Value Added Reseller partnership with Fujitsu Limited for Japan."

Net loss from continuing operations in Q1 2002 was Euro1.4m, compared to actual net income from continuing operations of Euro14.7m a year ago. The decrease in actual net income was primarily the result of significantly higher positive non-cash charges related to the stock option programs during the first quarter 2001.

Adva posted an actual net loss of Euro1.5m in Q1 2002 and Euro5.9m in Q1 2001. The decrease in actual net loss was primarily a result of the higher loss in the first quarter 2001 from discontinued operations at the company's Cambridge, UK, site.

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