Avici trims loss on lower revenue

Avici Systems Inc. posted fourth-quarter 2002 results generally in line with Wall Street expectations, yet the full year loss was larger than anticipated.

For the period ended Dec. 31, quarterly revenue was US$7.3 million and year-end revenue was US$33.1 million, compared to US$9.2 million and US$56.6 million in the comparable periods a year ago.

Net loss for the fourth quarter was US$14.3 million, or US$1.15 per share, compared to a net loss of US$21.2 million, or US$1.71 per share, in the year-ago period. The loss was two cents better than analyst estimates of a US$1.17 per-share loss.

"Our improving bottom-line results stem from continued cost controls in the midst of a challenging market," said Steve Kaufman, Avici president and CEO, in a statement.

Fourth-quarter revenue was flat compared to the third quarter's revenue. Pro forma net loss for the third quarter ending Sept. 30 was US$16.0 million, or US$0.32 per share.

Full-year net loss was US$66.7 million, or US$5.35 per share, compared to US$95.5 million, or US$7.75 per share for 2001. The per-share loss for 2002 was US$0.45 more than the US$4.90 per share loss Wall Street expected.

All per-share data has been restated to account for a one-for-four reverse stock split effective Nov. 12, 2002.

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