Global data networking infrastructure provider Enterasys Networks has reported a $13.7 million net loss available to common shareholders for the first quarter of fiscal 2002.
The release of the figures comes after the group was forced to restate its results for the 10 months to 29 December 2001 to reflect the correction of an accounting discrepancy.
The loss, amounting to $0.07 a share, includes a net tax benefit of $61 million related primarily to tax loss carryback benefits associated with the passage in the US of the Job Creation and Worker Assistance Act.
Enterasys reported a $2.9 million or $0.02 per share net loss available to common shareholders for the first quarter of transition year 2001.
The fourth quarter of 2001 saw a net loss of $318.3 million, or $1.61 per share.
Revenue for the first quarter of fiscal 2002 was $120.8 million, compared with revenue of $181.7 million for the first quarter of transition year 2001, and $140.9 million for the fourth quarter of transition year 2001.
"While the first quarter loss from operations shows significant improvement over the loss sustained in the fourth quarter, it does not reflect the full benefit of the initiatives that new management has implemented over the course of the past nine months," says CEO William O`Brien.
"We expect that our results for the subsequent quarters of fiscal 2002 will reflect continued improvement in our operations and provide better visibility into our current operating model."
At 28 September last year, the company had about $270 million in cash and marketable securities. It says its cash and marketable securities position is expected to be sufficient to meet cash needs for the foreseeable future.
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