Riverstone Reports Revenues of $15 Million, Net Loss of $41 Million

Riverstone Networks reported revenues of $15.1 million for the quarter ended 01-March-2003, a sequential increase of 9.7% over revenues of $13.8 million in the prior quarter, but down from $51.3 million from the same period in the prior year. GAAP net loss for the fourth quarter was $40.6 million or $0.33 per share, including a $1.3 million stock-based compensation charge, a restructuring charge of $1.2 million, impairment charges of $7.4 million related to investments in privately-held companies, a $5.1 million inventory charge associated with discontinued and excess products, a $4.5 million charge related to a customer lease guarantee, and amortization of intangibles related to the purchase of Pipal Systems of $869,000.http://ir.riverstonenet.com