Accelerated Networks Nearly Doubles Revenue

Accelerated Networks Inc. in Moorpark said net revenue for the fourth quarter of 2000 was $8.4 million, almost double the $4.3 million reported in the fourth quarter of 1999.

However, the company reported a net loss of $10.2 million, or 21 cents per share, compared with a loss of $7.5 million or 19 cents per share in the fourth quarter of 1999.

For the year ended Dec. 31, the company reported net revenue of $35.9 million, an increase of 324% over the $8.5 million reported for fiscal 1999.

The net loss for the year was $31.7 million or 70 cents per share, compared with a loss of $21.2 million or 58 cents per share in 1999.

“We have recently seen dramatic changes in our marketplace and felt the effects of tightening capital markets on communications equipment spending,” said Suresh Nihalani, chief executive. “Despite these current conditions affecting our market, we continue to strongly believe in the long-term [prospects for our business].”

Accelerated Networks makes the equipment that allows telecommunications service providers to bundle voice and data services over a single broadband access network.