Earnings reports

ONI Systems Reports Record Q1

SAN JOSE, Calif. -- ONI Systems Corp. (NASDAQ: ONIS), a leading provider of optical telecommunications systems for the metropolitan and regional markets, today reported for the quarter ended March 31, 2001, net revenues of $45.1 million and a pro forma net loss of $(9.3) million or $(0.07) per diluted share, excluding non-cash charges related to the amortization of deferred stock compensation and goodwill and a one-time charge for in-process research and development associated with the acquisition of certain technology and other assets from Finisar Corporation.

“ONI’s focused commitment to the metro and regional markets is paying off. This quarter’s substantial increase in revenue and the addition of five new customers clearly highlights the strong acceptance of our products as cost effective, scalable solutions that are meeting the needs of our customers in this fast growing, most vital area of the telecom sector,” said Hugh Martin, chairman, president and chief executive officer, ONI Systems. “Also during the quarter we continued to enhance our product offerings with the introduction of two new products-the ONLINE2500 transport platform and the ONWAVE OC-48 SONET Add/Drop Multiplexer-which are specifically designed to provide lower cost solutions with reduced space and power requirements for our customers.” Both of these products are expected to be generally available for sale in Q2 2001, with volume deliveries expected to begin in Q3 2001.

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