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Losses are continuing to mount for optical network equipment maker Corvis Corp. (Quote). With fourth quarter revenues of $15.2 million from its two primary customers, Broadwing Communications and Williams Communications, the Columbia, Md.-based company reported a net loss of $374.8 million, or $1.05 per share.
In the fourth quarter of last year, Corvis had a net loss of $89.7 million (27 cents a share).
"The past year was very challenging and was perhaps one of the more difficult years in the history of telecommunications," said Dr. David Huber, president and chief executive officer of Corvis.
For fiscal year 2001, Corvis recorded revenue of $188.5 million as compared to $68.9 million for the prior year. Pro forma net loss for fiscal year 2001 was $135.3 million, or 39 cents per share as compared to $96.3 million (29 cents per share) for the same year ago period.
In the fourth quarter, Corvis recorded restructuring and other charges totaling $303.4 million including a $117.4 million charge associated with a write-down of excess and obsolete materials, excess purchase commitments, and the discontinuance of certain product lines; a $60.0 million charge related to recent workforce reductions, consolidation of excess facilities, and the write-down of idle equipment; a $122.4 million charge for the write-down of goodwill associated with the acquisition of Algety Telecom; and a $3.6 million charge for the write-down of certain equity investments.
"Corvis achieved a number of significant milestones including delivering the world's first all-optical network. We achieved these milestones while taking the steps required to align our business with the current market reality," Huber said. "While the market remains difficult, Corvis enters 2002 eager to meet the near-term challenges and to build a strong long-term business."
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