Avici Systems Reports Fourth Quarter and Full Year 2006 Results 2/14/2007
NORTH BILLERICA, Mass., Feb 14, 2007 (BUSINESS WIRE) -- Avici Systems Inc. (NASDAQ: AVCI), today reported results for its fourth quarter and year ended December 31, 2006.
Gross revenue for the fourth quarter and year ended December 31, 2006 was $15.9 million and $82.8 million, respectively, compared to $6.1 million and $37.2 million, respectively, for the three and twelve-month periods ended December 31, 2005. Revenue, net of common stock warrant discount, for the three and twelve-months ended December 31, 2006 was $15.9 million and $82.2 million respectively, compared to $5.6 million and $35.1 million for the three and twelve-months ended December 31, 2005.
GAAP net income for the fourth quarter ended December 31, 2006 was $3.0 million, or $0.21 per share, compared to a GAAP net loss of $8.6 million, or $0.67 per share , in the prior year's fourth quarter. GAAP net income in the 2006 period includes $0.5 million of special charges associated with the first quarter restructuring and $0.5 million of non-cash equity based charges recognized upon the adoption of Financial Accounting Standards Board Opinion 123R, which now requires that that the fair values of stock options be expensed in the Company's GAAP financial statements. GAAP net loss in the 2005 period includes $0.5 million for a non-cash equity based charge relating to the common stock warrant discount.
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