Riverstone Reports Quarterly Revenue of $12.7 Million, Possible Nasdaq Delisting

Riverstone Networks reported quarterly revenues of $12.7 million for the period ending 31-May-03, compared with revenues of $15.1 million in the prior quarter and $30.1 million for the same period last year. GAAP net loss for the first quarter was $19.1 million or $0.15 per share. This compares with a GAAP net loss of $40.6 million or $0.33 per share for the prior quarter.


Riverstone announced that it has received a Nasdaq staff determination indicating that its common stock is subject to delisting from the Nasdaq Stock Market due to noncompliance with Marketplace Rule 4310(c)(14), which requires the timely filing of Form 10-K. Riverstone said its filing has been delayed by an internal review of its accounting practices and that it intends to appeal the Nasdaq determination.http://ir.riverstonenet.com