Lumenon Innovative Lightwave Technology, Inc. Reports Fiscal 2001 Third Quarter Results.Business & Technology Editors ST-LAURENT, Quebec--(BUSINESS WIRE)--May 9, 2001 Lumenon Innovative Lightwave Technology, 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 NM:LUMM), a manufacturer of high-quality optical devices for the global telecommunications, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. and cable markets, announced today its results for the fiscal third quarter of 2001 ended March 31, 2001. Lumenon's overall loss for the fiscal third quarter ending March 31, 2001 totaled CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $8,670,000 (US$5,497,000) or CDN$0.23 (US$0.14) per share, compared to CDN$157,647,000 (US$108,767,000) or CDN$6.04 (US$4.17) per share for the same period in 2000. As at March 31, 2001, Lumenon has a working capital of CDN$27,182,000 (US$17,232,000) compared to CDN$33,194,000 (US$22,128,000) as at December 31, 2000. Highlights of the quarter included the Company's key milestone achievement of delivering the first production samples to a customer from its new manufacturing facility. The revenue was not presented separately due to the low monetary importance of the transaction (US$2,000). Subsequent to the closing of the quarter, Lumenon also announced several significant management changes. In particular, Mr. Gary Moskovitz has been selected as the Company's new 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. . Commenting on the current status of Lumenon, Mr. Moskovitz stated, "I am working closely with all of the Lumenon teams to review in detail the Company's status and projections in light of the recent market down-turn. This review is anticipated to be completed within the next four to six weeks, with specific plans implemented that will help us achieve long-term growth." Additional changes announced at the Board of Directors meeting on May 3, 2001 included Dr. Iraj Najafi stepping down as President, CEO, and Chairman of the Board, and subsequently as a Director of the Company, as well as the resignation of Dr. Anthony Moretti as Director of the Company. Mr. Gilles Marcotte was elected to replace Dr. Najafi as Chairman of the Board of Lumenon. About Lumenon Innovative Lightwave Technology, Inc.: Lumenon Innovative Lightwave Technology, Inc. designs, develops and builds integrated optics Combining electrical and optical components on the same silicon-based substrates used in the fabrication of a semiconductor chip. Also called "silicon photonics," fiber-optic communications employs numerous integrated optics devices, including lasers, photodetectors, beam splitters, devices in the form of compact hybrid glass circuits on silicon chips. These photonic devices - based upon Lumenon's breakthrough Hybrid Sol-Gel Glass technology and patented PHASIC(TM) process - offer communications providers the ability to dramatically boost bandwidth in fiber optic cabling, the pipeline for today's burgeoning telecommunication, data communication and cable industries. For more information about Lumenon Innovative Lightwave Technology, Inc., visit the Company's Web site at http://www.lumenon.com. This press release contains certain "forward-looking" statements, as defined in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the Company's filings with the regulatory authorities having jurisdiction. This release is available on the Company's Web site at www.lumenon.com and the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide Web site at www.kcsa.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion