Corvis Meets Consensus Forecast, Signs Supply Deal With Qwest

Optical networker Corvis (CORV Quote) met Wall Street's estimates for the latest first quarter, and the company signed a deal to provide Qwest Communications (Q Quote) with the equipment to build a nationwide network.

The company lost $23 million, or 7 cents a share, for the quarter, meeting the consensus forecast. The figure excludes goodwill and other intangible assets, amortization expenses and equity-based costs. Corvis lost $26.8 million, or 65 cents a share, in the year-ago period.

Corvis, which is based in Columbia, Md., posted revenue of $84.1 million for the fiscal first quarter ended March 31, up 82.8% from $46 million in the fourth quarter ended Dec. 30. The company completed its initial public offering last July, and year-ago top line comparisons weren't available.