Avici (AVCI) shares surged as the company raised 2006 guidance.
The Billerica, Mass., Internet gearmaker swung to a heavily adjusted pro forma profit of $2 million, or 15 cents a share, on sales of $21.4 million. Those numbers compare with a pro forma loss of $5.2 million, or 41 cents a share, on $10.7 million in revenue in the year-ago period.
Including all charges in the quarter, Avici posted a net loss of $5.3 million, or 41 cents per share, which compares with a GAAP net loss of $5.6 million, or 44 cents, in the same quarter last year.
Looking ahead, Avici raised its sales growth target for 2006. Prior guidance called for a flat year-over-year performance at about $37 million. But the company now says sales this year should be up 50% over the 2005 level.
"Strong first quarter order volume coupled with the initial positive affects experienced from our business restructuring and cost structure realignment have resulted in Avici's highest quarterly revenue since mid-2001," said CEO Bill Leighton in a press release Thursday.
Avici supplies core routers to phone companies, primarily
, which uses these large traffic sorting devices to help manage its networks. AT&T represented 94% of Avici's total revenue last year, according to the company's annual report.
Avici shares rose $3.29, or 75%, to $7.64 in early trading Thursday.