Avanex reported net revenue of $38.0 million for its second quarter of fiscal 2009 (ending 31-Dec-08) , a decrease of 16.1 percent from $45.3 million in the first quarter of fiscal 2009, and a decrease of 26.9 percent 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. Net loss in the second quarter of fiscal 2009 was $16.8 million, or ($1.08) per diluted share, compared with net loss of $9.6 million, or ($0.63) per diluted share in the first quarter of fiscal 2009.
“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, CEO and President of Avanex.
http://www.avanex.com
