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Corvis Slides After Latest Loss

The optical shop-turned-broadband outfit continues to struggle.
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(CORV) - Get Correvio Pharma Corp. Report

slid 14% Friday after the maker of optical communications networking gear posted a fourth-quarter loss.

For its fourth quarter ended Dec. 31, 2003, the Columbia, Md., company posted a loss of $55.4 million, or 12 cents a share, on revenue of $143 million. A year ago the company lost $190 million, or 47 cents a share, on revenue of $7 million.

The latest quarter included $15.5 million of restructuring and inventory allowance charges.

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Corvis said $140 million of the latest quarter's revenue came from its Broadwing unit, a communications services provider the company acquired last year from

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"During the quarter, our overall performance was in line with, or better, than we had anticipated," said financial chief Lynn Anderson. "We improved gross margins at Broadwing, and continued to control overall costs and expenses while making progress on integrating the two companies."

Corvis shares slid 31 cents to $2.06 on Friday morning.