Revenues for the first quarter of fiscal 2001 were $41.5 million compared with $28.6 million for the fourth quarter ended December 31, 2000, an increase of 45 percent. Net income for the first quarter of fiscal 2001, excluding stock-based compensation, amortization of goodwill and purchased intangibles and an in-process research and development charge relating to the acquisition of telecom technologies, inc., completed in January 2001, was $0.2 million or $0.00 per share, compared with net income, excluding stock-based compensation, of $0.1 million or $0.00 per share on a pro forma basis for the fourth quarter of fiscal 2000.
Net loss for the first quarter, including stock-based compensation, amortization of goodwill and purchased intangibles and an in-process research and development charge, was $82.5 million or $0.51 per share, compared with a net loss of $6.3 million or $0.04 per share for the fourth quarter of fiscal 2000.
We are extremely gratified with our results this quarter, said Hassan Ahmed, president and CEO, Sonus Networks. During the quarter, we continued to execute on our business strategy and have made significant progress across several fronts. We expanded our customer base, delivered new product capabilities and features, broadened our partner program and have made great strides in the integration of telecom technologies following the completion of the acquisition in January. We’re off to a great start this year.
In March, Sonus announced that it signed a multi-year, multimillion-dollar contract with Qwest Communications. Qwest has selected Sonus’ packet voice technology for deployment in Qwest’s nationwide, all-optical IP network. Qwest is building its next-generation voice network using the full range of Sonus solutions, including the GSX9000(TM) Open Services Switch, the INtelligentIP(R) Softswitch, which was gained through the acquisition of telecom technologies, inc., the PSX6000(TM) SoftSwitch and the SGX2000(TM) SS7 Signaling Gateway. Qwest also announced its first suite of services based on the Sonus platform, Qwest CyberVoice Interconnect, a wholesale voice over IP (VoIP) terminating service that enables service providers to deliver clear, reliable voice calls over Qwest’s nationwide broadband Internet network.
Sonus continues to advance its deployments with other carriers. Yesterday, Sonus and Time Warner Telecom announced that Time Warner is now delivering revenue-generating traffic over the Sonus-based infrastructure in eight U.S. markets. Time Warner is initially leveraging the Sonus packet voice solutions to augment its existing Class 5 circuit switches and offload modem-generated Internet traffic from its voice network. Time Warner also plans to use the Sonus infrastructure to deliver traditional local and long-distance services, as well as new voice over IP-based services such as unified communications, single number service, call centers, and more.
Sonus continued to gain momentum in the market for carrier-class packet voice switching equipment, and was again named the worldwide market share leader. Reports issued by industry research firms Cahners In-Stat, Infonetics Research Group and Synergy Research Group confirmed Sonus’ market-leading position for the fourth quarter of 2000 and for the full year 2000.
To provide carriers a wide range of options for deploying enhanced voice and data services, Sonus broadened its Open Services Partner Alliance (OSPA) program. The expanded program, which integrates the best components of previous Sonus and telecom technologies partner programs, offers greater value to both service providers and partners through a new multi-tiered participation structure and the state-of-the-art OSPA Interoperability Lab. Sonus also added eleven new partners to the OSPA, and announced that six other partners had successfully completed interoperability testing, achieving Sonus Powered status in the program.
SOURCE: COMPANY PRESS RELEASE
