Sorrento Reports Q4 Results
Separately, the company announced financial results for the fourth quarter and fiscal year ended January 31, 2001, for its subsidiary, Sorrento Networks, Inc. (Sorrento). Sorrento's revenues for the 2001 fiscal fourth quarter totaled $11.1 million, an increase of 56% over the previous quarter's revenues of $7.1 million and a 172% increase over fourth quarter revenues in the prior year. Fiscal 2001 year-end revenues for Sorrento totaled $26.5 million compared to $12.5 million for fiscal year-end 2000 revenues, a 112% increase. Gross margins in the fourth quarter for Sorrento improved to 32.1%, compared to 30.8% in the previous quarter.
Jim Dixon, Sorrento President and COO, commented, "Our fourth quarter results were driven by strong customer demand for our products and represented the second consecutive quarter that we have seen our revenues grow by over 50% over the prior quarter. In the past year, Sorrento has reached a number of significant milestones, including the release of an expanded product line in its transport and access segments."