Avici Systems Announces Preliminary Third Quarter Results.Business/Technology Editors NORTH BILLERICA, Mass.--(BUSINESS WIRE)--Oct. 3, 2002 Avici Systems Inc. (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 : AVCI), the specialist in reliable and scalable routing solutions for the Internet, today announced that it expects gross revenue for its third quarter ended September 30, 2002 to be approximately $7.0 million and anticipates a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss per share of $0.32 to $0.34. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net loss per share is expected to range from $0.37 to $0.39. Cash usage for the three months ended September 30, 2002 was $5.5 million. Pro forma results exclude net third quarter charges approximating $0.05 per share for severance and estimated facility costs associated with the company's recently announced cost reduction actions, non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. and credits related to equity issuances and credits resulting from the utilization of inventory previously considered to be in excess. Steve Kaufman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Avici said, "Market conditions for carrier equipment sales remain challenging. Despite this environment, we made good progress this quarter on expanding our deployed customer base, realigning our cost structure and managing our cash flow." Avici will host a conference call to discuss both this announcement as well as Qwest's deployment of Avici's SSR (Scalable Sampling Rate) See AAC. SSR - Scalable Sampling Rate , which was disclosed in a separate release today. The call will begin at 8:30 a.m. Eastern Time today and will be broadcast live over the Internet. To participate via telephone, the dial-in number is 800-230-1085. Please call ten minutes prior to the scheduled conference call time. For live Webcasting, go to the Avici Web site at www.avici.com and access the investor relations Investor relations The process by which the corporation communicates with its investors. section, clicking on either the live Webcast link or the microphone icon to listen. The conference call will be archived on the Avici Web site. A replay will be accessible by telephone after 1:00 p.m., for approximately 48 hours afterward. To replay the call dial 800-475-6701 using the access code 655073. About Avici Systems Avici Systems Inc., headquartered in North Billerica, Mass., is a leading provider of purpose-built carrier-class routing solutions for the Internet. Avici's family of routers is designed to meet carrier requirements for the highest scalability, reliability and network availability, while lowering the total cost of building and operating their networks. The company's routing systems provide new IP solutions to some of the world's leading service providers. For more information, please visit us at www.avici.com. Avici, TSR (Terminate and Stay Resident) Refers to a program that remains in memory when the user exits it in order that it be immediately available at the press of a hotkey. and SSR are trademarks of Avici Systems Inc. This release contains information about Avici's future expectations, including its results for the third quarter ended September 30, 2002, plans, and prospects that constitute forward-looking statements for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. When used in this press release, the word "will", "expected" and other similar expressions are intended to identify such forward looking statements. Such risks and uncertainties include, but are not limited market acceptance of Avici products, services and enhancements, customer purchasing patterns and commitments, development of the market place, product development and enhancement, intensity of competition of other vendors, technological changes and other risks set forth in Avici's filings with the Securities and Exchange Commission. |
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