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Riverstone Wraps Up Fiscal Year

SANTA CLARA, Calif. -- Riverstone Networks Inc. (Nasdaq:RSTN - news), a leader in service creation infrastructure for metropolitan service providers, today reported results for its fourth quarter and fiscal year ended March 3, 2001.

Revenues for the fourth quarter of fiscal 2001 were $35.1 million, a 175 percent increase compared with revenues of $12.8 million for the same period last year, and a 31 percent increase compared with $26.8 million for the third quarter of fiscal 2001. Pro forma net loss for the quarter, which excludes stock-based compensation and goodwill associated with acquisitions, was $5.5 million or $0.06 per share, compared with pro forma net loss of $6.0 million for the fourth quarter of fiscal 2000, and pro forma net loss of $7.1 million, or $0.08 per share for the third quarter. Including these items, net loss for the fourth quarter was $6.6 million, or $0.07 per share. This compares with a net loss of $6.5 million for the fourth quarter of fiscal 2000.

Revenues for the year ended March 3, 2001 were $98.3 million, a 326 percent increase compared with revenues of $23.1 million for fiscal 2000. Pro forma net loss for fiscal 2001, which excludes stock-based compensation and goodwill associated with acquisitions, was $32.8 million, or $0.35 per share, compared with pro forma net loss of $35.4 million for fiscal 2000. Including these items, net loss for the year was $65.8 million compared with a net loss of $37.4 million for fiscal 2000.

"Riverstone Networks' strong fourth quarter and fiscal year end 2001 results demonstrate our focus and execution in the metropolitan area network, a market that continues to see investment from tier one carriers and new entrants alike," said Romulus Pereira, president and CEO of Riverstone Networks. "By enabling carriers to create and deliver profitable services over both existing and next generation networks, Riverstone remains critical to companies that want to deliver comprehensive metropolitan area network solutions."

http://www.riverstonenet.com
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