Avanex Corporation (Avanex) has reported total net revenues of $38 million for the second quarter of fiscal 2009, compared with the total net revenues of $52 million in the year-ago quarter. It has also reported net loss of $16.8 million, or $1.08 loss per share, for the second quarter of fiscal 2009, compared with the net income of $86,000, or $0.01 per share, in the year-ago quarter.
Net revenue in the second quarter of fiscal 2009 was $38.0 million, a decrease of 16.1% from $45.3 million in the first quarter of fiscal 2009, and a decrease of 26.9% from $52.0 million in the same period last year.
Gross margin in the second quarter of fiscal 2009 was 15.4%, a decrease from 17.2% in the first quarter of fiscal 2009, and a decrease from 31.0% in the same period last year.
Non-GAAP net loss in the second quarter of fiscal 2009 was $6.2 million, or ($0.40) per diluted share, compared with net loss of $5.9 million, or ($0.38) per diluted share, in the first quarter of fiscal 2009. This compares to non-GAAP net income of $2.4 million, or $0.15 per diluted share in the same period last year.*
While the company is continuing to face challenges in light of the current macro-economic environment, we are taking action by reducing our workforce by 5% and scaling back on other discretionary expenses. We believe that the proposed merger with Bookham, Inc. announced last week, will improve our market position, said Giovanni Barbarossa, chief executive officer and president of Avanex.
Third Quarter FY 2009 Outlook
The company expects revenue to be between $24 million and $31 million in the third quarter of fiscal 2009, ending March 31, 2009. Given the current recessionary macro-economic environment, there is less visibility than typical, and accordingly, the company’s guidance range is broader than normal.