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Auspex Revenues Disappointing

Network Attached Storage vendor Auspex Systems, Inc. this week reported results for its first fiscal quarter 2002 ended September 30, 2001.

According to the company, revenues for the first quarter ended September 30, 2001 were $8.4 million, versus $10.0 million in the prior quarter, a decrease of 16%. First quarter product revenues decreased $1.3 million, or 29%, over fourth quarter product revenues. The net loss for the first quarter was $14.7 million, or $.32 per share compared with a net loss of $14.0 million, or $.31 per share in the prior quarter, an increase of 5%.

"The economic conditions and the events we experienced in the first quarter resulted in disappointing revenues," said Gary J. Sbona, Chairman and Chief Executive Officer. "We are seeing fierce competitive pricing pressures which, at our current low revenues, have had a significant adverse effect on our margins," said Mr. Sbona. "We continue to control our operating expenses and will take appropriate actions to attempt to return the company to profitability as soon as possible, however, the current economic environment makes it very difficult to predict, with any accuracy, when this will be achieved," he added.