Earnings reports

Avanex Lowers Q3 Guidance

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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