SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 15, 2003--Redback Networks
Inc. (Nasdaq:RBAK), a leading provider of networking equipment
purpose-built for the edge of the network, today announced results
for the fourth quarter and fiscal year 2002. Net revenue for the
fourth quarter of 2002 was $27.6 million, compared with $17.4
million in the prior quarter. For the fiscal year 2002, net
revenue was $125.6 million compared to $227.5 million in fiscal
year 2001. The company also announced the restructuring of
Redback's executive team to more appropriately reflect the size
and direction of the company.
Fourth Quarter 2002 Financial Results
The GAAP net loss for the fourth quarter of 2002 was $0.20 per
share compared to a net loss of $0.30 in the prior quarter. For
fiscal year 2002 the GAAP net loss was $ 1.13 per share compared
to a $28.78 net loss in fiscal year 2001. The GAAP net loss in
fiscal year 2001 included a write down of goodwill aggregating
$2.7 billion.
Pro-forma net loss for the fourth quarter was $0.15 per share
compared to a net loss of $0.20 in the prior quarter. Pro forma
results continue to exclude certain impairment charges,
restructuring charges, stock and other compensation related
charges, amortization of intangibles and other items detailed
within the attached tables.
Redback will discuss these quarterly results in an investor
conference call today at 1:45 p.m. PST. The conference telephone
number is 1-847-413-3136. A replay of the conference call will be
available at 4:45 p.m. PST. Replay information will be available
at 1-630-652-3019, access code: 6644980. More information can also
be found on Redback's Web site www.redback.com under the heading
Investor Center.
Inc. (Nasdaq:RBAK), a leading provider of networking equipment
purpose-built for the edge of the network, today announced results
for the fourth quarter and fiscal year 2002. Net revenue for the
fourth quarter of 2002 was $27.6 million, compared with $17.4
million in the prior quarter. For the fiscal year 2002, net
revenue was $125.6 million compared to $227.5 million in fiscal
year 2001. The company also announced the restructuring of
Redback's executive team to more appropriately reflect the size
and direction of the company.
Fourth Quarter 2002 Financial Results
The GAAP net loss for the fourth quarter of 2002 was $0.20 per
share compared to a net loss of $0.30 in the prior quarter. For
fiscal year 2002 the GAAP net loss was $ 1.13 per share compared
to a $28.78 net loss in fiscal year 2001. The GAAP net loss in
fiscal year 2001 included a write down of goodwill aggregating
$2.7 billion.
Pro-forma net loss for the fourth quarter was $0.15 per share
compared to a net loss of $0.20 in the prior quarter. Pro forma
results continue to exclude certain impairment charges,
restructuring charges, stock and other compensation related
charges, amortization of intangibles and other items detailed
within the attached tables.
Redback will discuss these quarterly results in an investor
conference call today at 1:45 p.m. PST. The conference telephone
number is 1-847-413-3136. A replay of the conference call will be
available at 4:45 p.m. PST. Replay information will be available
at 1-630-652-3019, access code: 6644980. More information can also
be found on Redback's Web site www.redback.com under the heading
Investor Center.