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Previous: AVANEX CORP, 8-K, 2000-07-31 |
Next: AVANEX CORP, 8-K, EX-99.2, 2000-07-31 |
AVANEX ANNOUNCES RECORD Q4 AND YEAR END FINANCIAL RESULTS
84% Quarter-to-Quarter Revenue Growth Achieved
Thursday, July 27, 2000
FREMONT, California -(Business Wire) - July 27, 2000 - Avanex Corporation (Nasdaq: AVNX), pioneer of photonic processors that accelerate the deployment of the next generation optical networks, today reported results for its fourth fiscal quarter, which ended June 30, 2000.
Avanex CEO and President Walter Alessandrini noted, "This quarter marked a number of accomplishments for the company. We increased revenue 84% from last quarter and substantially exceeded our bottom line objectives in Q4. We also expanded manufacturing capacity with the addition of our new 91,000 square foot facility, increased employees to over 700 from less than 60 last year, introduced new cutting-edge photonic processors at SuperComm, announced a supply agreement with Cogent Communications, continued to increase our presence with current customers, and acquired Holographix, a developer of holographic diffraction gratings. These accomplishments serve notice that our cutting-edge technology is achieving rapid acceptance in the optical networking industry."
Net revenues for the quarter ending June 30, 2000 were $19.3 million, an increase of 84 percent over the company's revenues of $10.5 million for the third quarter of fiscal 2000 ending March 31, 2000. The company reported revenues of $510,000 in the fourth quarter ending June 30, 1999.
Pro forma net loss for the quarter was $288,000, or $0.01 per share excluding a non-cash charge for the amortization of deferred stock compensation. This compared with a pro forma net loss of $2.9 million in the third quarter of fiscal 2000 ending March 30, 2000. Pro forma net loss for the prior year's fourth quarter was $2.1 million, or $0.49 per share.
Net loss for the quarter including the amortization of deferred stock compensation was $7.4 million, or $0.14 per share compared to a net loss of $4.1 million or $0.97 per share for the same period in the prior year.
Net revenues for the twelve months ended June 30, 2000 were $40.7 million, compared with $510,000 for the same period of fiscal 1999. Pro forma net loss for the twelve months ended June 30, 2000, excluding a non-cash charge for the amortization of deferred compensation and stock accretion, was $7.3 million, or $0.29 per share, compared with pro forma net loss of $5.8 million or $3.10 per share for the twelve month period of fiscal 1999.
Net loss for the twelve months ended June 30, 2000, including the above-mentioned amortization of deferred compensation and stock accretion, was $76.4 million or $3.07 per share, compared with $9.2 million or $4.97 per share in the same period of fiscal 1999.
About Avanex
Founded in 1997, Avanex Corporation designs, manufactures and markets technologically advanced fiber optic-based products, known as photonic processors, designed to dramatically increase the performance of optical networks while reducing overall operating costs.
Avanex photonic processors offer communications service providers and optical systems manufacturers greater levels of performance and miniaturization, reduced complexity and increased cost-effectiveness compared to commercial alternatives.
Avanex is headquartered in Fremont, Calif., and has its own dedicated 3,000-kilometer optical system design analysis and technology testing facility at its Photonics Center in Richardson, Texas.
Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act. Actual results could differ materially from those projected in the forward- looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to, the continued expansion of demand by our customers, our ability to sufficiently expand our direct and indirect sales operations, our ability to continue to gain commercial acceptance of our new products, our ability to acquire critical components and expand our manufacturing capacity to meet demand, our ability to continue to hire appropriate personnel and our ability to expand, train and manage our workforce.
Avanex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
AVANEX CORPORATION
Proforma Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
June 30, June 30,
------------------------- -------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
Net revenue.................. $19,322 $510 $40,743 $510
Cost of revenue.............. 11,368 531 26,343 531
------------ ------------ ------------ ------------
Gross profit (loss) .......... 7,954 (21) 14,400 ($21)
Operating expenses:
Research and development... 7,581 1,227 15,587 4,086
Sales and marketing........ 2,317 488 6,047 956
General and administrative. 2,091 329 5,702 723
------------ ------------ ------------ ------------
Total operating expenses. 11,989 2,044 27,336 5,765
------------ ------------ ------------ ------------
Loss from operations......... (4,035) (2,065) (12,936) (5,786)
Interest income.............. 4,004 29 6,366 148
Interest expense............. (257) (23) (695) (119)
------------ ------------ ------------ ------------
Net loss..................... (288) (2,059) (7,265) (5,757)
============ ============ ============ ============
Basic and diluted net loss
per common share........... ($0.01) ($0.49) ($0.29) ($3.10)
============ ============ ============ ============
Weighted-average shares
used in computing basic
and diluted net loss per
common share............... 53,100 4,234 24,936 1,857
============ ============ ============ ============
Note: This Proforma Condensed Statements of Operations excludes the impact of
amortization of deferred stock compensation and stock accretion.
AVANEX CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
June 30, June 30,
------------------------- -------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
Net revenue.................. $19,322 $510 $40,743 $510
Cost of revenue.............. 11,368 531 26,343 531
------------ ------------ ------------ ------------
Gross profit (loss) ......... 7,954 (21) 14,400 (21)
Operating expenses:
Research and development... 7,581 1,227 15,587 4,086
Sales and marketing........ 2,317 488 6,047 956
General and administrative. 2,091 329 5,702 723
Stock compensation......... 7,139 2,045 31,421 3,464
------------ ------------ ------------ ------------
Total operating expenses. 19,128 4,089 58,757 9,229
------------ ------------ ------------ ------------
Loss from operations......... (11,174) (4,110) (44,357) (9,250)
Interest income.............. 4,004 29 6,366 148
Interest expense............. (257) (23) (695) (119)
------------ ------------ ------------ ------------
Net loss..................... (7,427) (4,104) (38,686) (9,221)
Stock accretion.............. -- -- (37,743) --
------------ ------------ ------------ ------------
Net loss attributable to
common stockholders........ ($7,427) ($4,104) ($76,429) ($9,221)
============ ============ ============ ============
Basic and diluted net loss
per common share........... ($0.14) ($0.97) ($3.07) ($4.97)
============ ============ ============ ============
Weighted-average shares
used in computing basic
and diluted net loss per
common share............... 53,100 4,234 24,936 1,857
============ ============ ============ ============
AVANEX CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
June 30, June 30,
2000 1999
------------ ------------
ASSETS
Current assets:
Cash, cash equivalents and short term investments.... $184,321 $3,724
Accounts receivable, net............................. 9,942 272
Inventories.......................................... 8,266 626
Other current assets................................. 1,922 468
------------ ------------
Total current assets............................... 204,451 5,090
Property and equipment, net............................ 14,990 1,671
Long-term investments.................................. 56,943 --
Other assets........................................... 1,757 55
------------ ------------
Total assets................................... $278,141 $6,816
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Short-term borrowings................................ $1,525 $735
Accounts payable..................................... 7,668 990
Accrued compensation and related expenses............ 2,999 242
Other accrued expenses............................... 5,939 258
Current portion of capital lease obligations......... 786 205
------------ ------------
Total current liabilities.......................... 18,917 2,430
Capital lease obligations.............................. 2,067 563
Redeemable convertible preferred stock................. -- 10,357
------------ ------------
Stockholders' equity (deficit)......................... 257,157 (6,534)
------------ ------------
Total liabilities and stockholders' equity
(deficit).................................... $278,141 $6,816
============ ============
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