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SAN JOSE, Calif., January 21, 2004 - Redback Networks Inc. (NASDAQ: RBAK), a leading provider of broadband networking systems, today announced its fourth quarter and fiscal year end results for the period ended December 31, 2003. Net revenue for the fourth quarter of 2003 was $28.4 million, compared with $27.4 million for the third quarter of 2003 and $27.6 million for the fourth quarter of 2002. Net revenue for the fiscal year ending December 31, 2003 was $107.5 million, compared with $125.6 million for the fiscal year 2002. "I am extremely pleased with the results this quarter, especially in light of the high potential for distractions as we worked through the final phase of our financial restructuring process," said Kevin DeNuccio president and chief executive officer of Redback Networks. "We successfully completed the financial restructuring during the first week in January. As we look forward to 2004 our focus will be on execution of our business model, in what appears to an improving business climate." The financial results for the fourth quarter and fiscal year 2003 reflect the company undergoing the transition of a complete financial restructuring, a process successfully completed January 2, 2004. GAAP net loss for the fourth quarter of 2003 was $ 24.9 million or $ 0.14 per share compared to a GAAP net loss of $34.2 million or $0.20 per share in the fourth quarter of 2002. GAAP net loss for fiscal year 2003 was $ 118.8 million or $ 0.65 per share compared to a GAAP net loss of $186.9 million or $1.13 per share in fiscal year 2002. Non-GAAP net loss for the fourth quarter of 2003 was $24.2 million or $0.13 per share compared to a non-GAAP net loss of $26.8 million or $0.15 per share in the fourth quarter of 2002. Non-GAAP net loss for fiscal year 2003 was $95.1 million or $0.52 per share compared to a non-GAAP net loss of $117.0 million or $0.71 per share in fiscal year 2002. Non-GAAP results exclude impairment charges relating to fixed assets, amortization of intangible assets, restructuring charges, stock-based compensation, write-off of certain investments, certain impairment and inventory charges, the reversal of an accrual for cancellation of an engineering services contract, the sale of previously reserved inventory, partial recovery of previously written down investments, and bond redemption charges. See the attached table for a reconciliation of our non-GAAP results to GAAP results. Redback Networks will discuss these quarterly results in an investor conference call today at 1:45 p.m. Pacific Time. The conference telephone number is 1-847-619-6534. A replay of the conference call will be available later in the day. Replay information will be available at 1-630-652-3041, access code: 8246778. Information on these calls can also be found on Redback`s Web site, http://www.redback.com, under Investor Center. As announced January 5, 2004, Redback successfully completed its financial restructuring, eliminating approximately $467 million of its existing debt, resulting in a stronger financial model with an improved balance between revenue and expenses. In addition, Redback Networks received $30 million in equity funding from Technology Crossover Ventures (TCV), a premier provider of growth capital to technology companies. The financial restructuring and new equity funding strengthens the ability of Redback Networks to address the long-term needs of existing and potential customers and to participate fully in new market growth opportunities for strategic broadband infrastructure. |
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| aus der Diskussion: | REDBACK +300 % |
| Autor (Datum des Eintrages): | BUSINESSWORLD (21.01.04 22:58:23) |
| Beitrag: | 69 von 73 (ID:11921771) |
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