Avanex Corporation Announces Fiscal 2008 Third Quarter Financial Results.FREMONT, Calif. -- Avanex Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AVNX), a pioneer of intelligent photonic Dealing with light (photons). See photon and photonics. solutions that enable next-generation optical networks, today reported its fiscal 2008 third quarter financial results for the quarter ended March 31, 2008. Net revenue in the third quarter of fiscal year 2008 was $49.6 million, a decrease of 5 percent from $52.0 million in the second quarter of fiscal year 2008, and a decrease of 10 percent from $55.1 million for the same period last year. Gross margin in the third quarter of fiscal year 2008 was 32 percent, an increase of 1 percentage point from 31 percent in the second quarter of fiscal year 2008, and an increase of 13 percentage points from 19 percent for the same period last year. Net income in the third quarter of fiscal year 2008 was $3.3 million, or $0.01 per diluted share, compared with net income of $86,000, or breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations per diluted share in the second quarter of fiscal year 2008. This compares to a net loss of $6.7 million or a net loss of $0.03 per diluted share for the same period last year. Non-GAAP net income in the third quarter of fiscal 2008 was $2.9 million, or $0.01 per diluted share, compared with non-GAAP net income of $2.4 million or $0.01 per diluted share for the second quarter of fiscal year 2008. This compares to non-GAAP net loss of $3.0 million or a net loss of $0.01 per diluted share for the same period last year.1 "We were pleased with our performance this quarter. We saw significant strength in design wins illustrating the success of our new products," said Jo Major, president and chief executive officer of Avanex. "With our strong operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. , we are well positioned for profitable growth as we capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our expanding market opportunities," said Major. Q4 FY 2008 Outlook The company expects revenue to be between $50.0 million and $53.0 million and gross margin to be between 29% and 32% in the fourth quarter of fiscal 2008, ending June 30, 2008. Investor Conference Call Avanex will host a conference call to discuss fiscal year 2008 third quarter results at 1:30 p.m. PST PST Paroxysmal supraventricular tachycardia, see there today. Investors are invited to listen to a live broadcast of the conference call via webcast, which can be accessed by visiting Avanex Investor Relations Investor relations The process by which the corporation communicates with its investors. website at http://investor.avanex.com/events.cfm. Investors can also listen to the conference call by dialing 719-325-4866 and entering access ID number 6477644. A replay of the call will be available through an archived webcast at http://investor.avanex.com/events.cfm. An audio replay will be available for one week and can be accessed by dialing 888-203-1112 and entering access ID number 6477644. About Avanex Avanex Corporation is a leading global provider of Intelligent Photonic Solutions(TM) to meet the needs of fiber optic communications networks for greater capacity, longer distance transmissions, improved connectivity, higher speeds and lower costs. These solutions enable or enhance optical wavelength multiplexing multiplexing, in communication, technique whereby two or more independent messages, or information-bearing signals, are carried by a single common medium, or channel. , dispersion compensation, switching and routing, transmission, amplification, and include network-managed subsystems. Avanex Corporation was incorporated in 1997 and is headquartered in Fremont, Calif. Avanex Corporation also maintains facilities in Horseheads, N.Y.; Melbourne, Fla.; Shanghai; Villebon Sur Yvette, France; San Donato, Italy; and Bangkok. To learn more about Avanex Corporation, visit our web site at: www.avanex.com. Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements including statements regarding expected fourth quarter of fiscal 2008 outlook and future operating results, market demand and growth trends for our products and our strategies. Actual results could differ materially from those projected in or contemplated by the forward-looking statements. Factors that could cause actual results to differ include general economic conditions, the pace of spending in the telecommunications industry and in particular the optical networks industry, market demand and price of our products, the company's ability to sufficiently anticipate market needs and develop products and enhancements that achieve market acceptance, problems related to realizing the benefits of the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). in France, the company's ability to effect its restructuring goals, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, the outcome of arbitration and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , any slowdown or deferral of orders for products or the application of accounting or tax principles in an unanticipated manner. Finally, please refer to the risk factors contained in the company's SEC filings including the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on Sept. 7, 2007, Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the SEC on February 1, 2008 and subsequent filings with the SEC. Avanex assumes no obligation and does not intend to update any forward-looking statements, whether as a result of new information, future events or otherwise. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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