--------------------------------------------------------------------------------Sonus Networks Reports 2003 First Quarter Financial Results; Revenues Increase 27% Sequentially, Loss Narrows to $0.02 Per Share WESTFORD, Mass., Apr 9, 2003 (BUSINESS WIRE) -- Sonus Networks, Inc. (Nasdaq:SONS), a leading provider of voice infrastructure solutions for the new publicnetwork, today reported its financial results for the first quarter ended March31, 2003, in accordance with U.S. generally accepted accounting principles(GAAP).Revenues for the first quarter of fiscal 2003 were $16.0 million compared with$12.7 million in the fourth quarter of fiscal 2002. Net loss for the firstquarter of fiscal 2003 was $4.4 million or $0.02 per share compared with a netloss for the fourth quarter of fiscal 2002 of $12.8 million or $0.07 per share.Revenues for the first quarter of fiscal 2002 were $21.2 million and the netloss for the first quarter of fiscal 2002 was $16.2 million or $0.09 per share."Our financial results for the first quarter reflected good progress toward ourbusiness objectives," said Hassan Ahmed, president and CEO, Sonus Networks. "Wegrew our revenues 27 percent over last quarter, and by continuing to manage ourbusiness with precision, we further narrowed our net loss. In Q1, we alsocontinued to add new customers around the globe and made important additions toour product family."During the quarter, Sonus expanded its addressable market with the introductionof its SMARRT Wireless solutions. These solutions include wireless carrierapplications such as Gateway Mobile Switching Center (GMSC), WirelessTransit/Tandem Switching and Wireless Long Distance. Sonus' SMARRT Wirelessallows carriers to cost-effectively deploy and operate wireless networks,increase network capacity to accommodate growing subscriber traffic, and buildnew revenue streams and customer loyalty through the delivery of packet-basedenhanced services.Sonus also began shipping Release 5.0 of its packet voice infrastructuresolutions. This latest version of the Sonus Open Services Architecture(TM) (OSA)provides greater value to service providers in three important areas: newrevenue-generating opportunities enabled by a suite of voice VPN services;expanded international capabilities delivered through additional internationalsignaling variants; and network performance optimization provided through arange of enhanced traffic management features.Continuing to expand its customer base, Sonus announced that NuVox, anintegrated communications provider serving the Midwestern and SoutheasternUnited States, selected Sonus to develop a VoIP network that will carry all ofNuVox's long distance voice traffic, as well as offload Internet traffic fromNuVox's circuit-switched local voice network.Underscoring Sonus' success with both existing and new customers, the companywas again ranked the number one provider of carrier-class packet voice equipmentfor the fourth quarter of 2002. Industry research firms In-Stat/MDR, InfoneticsResearch and Synergy Research Group named Sonus the market share leader,recognizing Sonus as the top equipment vendor in several major service providerpacket telephony market segments.Finally, Sonus announced the appointment of Bert Notini, executive vicepresident and CFO of Manufacturers' Services Limited (NYSE: MSV), to thecompany's board of directors. Notini has worked with companies in the high techindustry for nearly 20 years. With extensive background in the financial andlegal fields, Notini brings invaluable experience and perspective to the SonusNetworks board, particularly in the area of corporate governance.About Sonus NetworksSonus Networks, Inc., is a leading provider of packet voice infrastructureproducts for the new public network. With its Open Services Architecture (OSA),Sonus delivers end-to-end solutions addressing a full range of carrierapplications, including trunking, residential access and Centrex, tandemswitching, and IP voice termination, as well as enhanced services. Sonus'award-winning voice infrastructure solutions, including media gateways,softswitches and network management systems, are deployed in service providernetworks worldwide. Sonus, founded in 1997, is headquartered in Westford,Massachusetts. Additional information on Sonus is available athttp://www.sonusnet.com.This release may contain projections or other forward-looking statementsregarding future events or the future financial performance of Sonus thatinvolve risks and uncertainties. Readers are cautioned that theseforward-looking statements are only predictions and may differ materially fromactual future events or results. Readers are referred to the "Risk Factors"section of Sonus' Annual Report on Form 10-K, dated March 19, 2003 and filedwith the SEC, which identifies important risk factors that could cause actualresults to differ from those contained in the forward-looking statements. Theserisk factors include, among others, the adverse effect of recent developments inthe telecommunications industry, the weakened financial position of many serviceproviders, Sonus' ability to grow its customer base, dependence on new productofferings, market acceptance of its products, rapid technological and marketchange and manufacturing and sourcing risks. In addition, any forward-lookingstatements represent Sonus' views only as of today and should not be relied uponas representing Sonus' views as of any subsequent date. While Sonus may elect toupdate forward-looking statements at some point, Sonus specifically disclaimsany obligation to do so.Sonus is a registered trademark of Sonus Networks. Open Services Architecture isa trademark of Sonus Networks. All other company and product names may betrademarks of the respective companies with which they are associated.
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