Avanex's Q4 loss narrows

Fiber Optics Weekly Update, August 8, 2003

Avanex reported results for its fourth quarter and fiscal year, ended June 30, 2003. Fourth quarter net revenues were $5.5 million, an increase of $0.1 million over the company's revenues of $5.4 million" in the prior quarter ended March 31, 2003. Net revenue for the quarter ended June 30, 2003 decreased $2.5 million from $8.0 million in the same quarter of the prior year ended June 30, 2002.

The company reported a net loss of $6.6 million, or $0.10 per share, for the quarter ended June 30, 2003, compared to a net loss of $10.4 million, or $0.15 per share, for the quarter ended March 31, 2003 and a net loss of $12.5 million, or $0.19 per share, for the quarter ended June 30, 2002. For the year ended June 30, 2003, net revenues were $21.4 million, a decrease of $12.3 million from the company's revenues of $33.7 million in the prior year ended June 30, 2002. The company reported a net loss of $102.9 million, or $1.51 per share, for the year ended June 30, 2003, compared to a net loss of $77.8 million, or $1.21 per share, for the prior year ended June 30, 2002.