CHICAGO -- Stratos Lightwave, Inc., (Nasdaq: STLW - news) a leading supplier of optical subsystems and optical components, today announced the financial results for its fiscal quarter ended July 31, 2001. The net loss for the first quarter on a pro forma basis was $3.7 million, or $(0.06) per share, compared to net income of $2.0 million, or $0.04 per share for the prior year. The pro forma results for the first quarter exclude a $10.0 million pre-tax special charge, representing additional reserves for excess and obsolete inventory and other charges. Total net sales for the first quarter of fiscal 2002 were $17.5 million, meeting management's expectations as announced on July 31, 2001. This was a decrease of 32.2% from the $25.9 million for the same period last year, and a sequential decrease of 33.1% from the $26.2 million for the fourth quarter of fiscal 2001 ended April 30. "Our revenues this quarter were affected by the overall, general economic slowdown that resulted in unexpected cancellations and delays across all product lines. While management has implemented cost cutting measures in many areas such as production staff levels, we remain committed to our primary goal of new product development," commented James W. McGinley, President and Chief Executive Officer. "We are solidly positioned on a product, customer, market, and manufacturing infrastructure basis. Therefore, we are very enthusiastic about our opportunities when the market resumes its growth."Stratos Lightwave LLC