News in brief: Endwave, AXT Optoelectronics
Net loss for the first quarter of 2003 was $6.5 million, or $0.72 loss per share, compared with net loss for the first quarter of 2002 of $11.4 million, or $1.29 loss per share. Cash, cash equivalents and short-term investments as of March 31, 2003, were $29.0 million, compared with a balance of $30.6 million at December 31, 2002.
Pro forma net loss (calculated by excluding certain charges) for the first quarter of 2003 was $2.9 million, or $0.32 loss per share, compared with a pro forma net loss in the first quarter of 2002 of $7.3 million, or $0.82 loss per share.
"We are very pleased with the higher than expected revenues for our first quarter, although our gross margin fell short of our expectations due to an adverse shift in product mix," said Ed Keible, CEO and President of Endwave Corporation.
"We are encouraged to see increasing business activity levels and are pleased with the execution toward our growth strategy in light of recent customer wins and our acquisition of the Arcom assets. We remain focused on the operating improvements reflected in our strong cash balance and modest cash usage as we continue to drive toward profitability."
AXT Optoelectronics receives ISO9001:2000 certification
AXT-Optoelectronics, a division of the AXT Incorporated, has been certified to the ISO9001:2000 standard in recognition of its successful implementation of the quality management system criterion. The division manufactures VCSELs, edge-emitters and nitride-based LEDs.
The transition to the ISO9001:2000 standard involves a greater emphasis on management leadership and involvement, superior demonstration of continual quality improvement practices, defined quality objectives corresponding to process metrics of integrated process functions and increased importance on customer satisfaction and service.
