FREMONT, Calif. -- Avanex Corporation (Nasdaq: AVNX),
pioneer of photonic
processors that accelerate the deployment of the
next-generation optical
networks, today announced a revised outlook for its fiscal
third quarter ended
March 30, 2001.
The Company announced that it expects sales in the third
quarter of fiscal year
2001 to be approximately $30 million and pro forma basic
and diluted loss per
share to be 3 cents, excluding a pre-tax provision for
excess inventory, expected
to be $22 million. These anticipated results are lower
than the financial guidance
given on Feb. 27, 2001.
Walter Alessandrini, Chairman and CEO of the Company,
noted, “The slowdown
in domestic telecommunications spending has negatively
impacted our
business more than we expected, especially during this
past month as orders
that we expected from our larger domestic customers for
legacy products simply
did not materialize. This adversely impacted the results
we were able to achieve
in this past quarter.”
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