Wednesday, October 13, 2004

Riverstone Reports Preliminary Revenue of $16.6 million

Riverstone Networks reported preliminary quarterly revenues of approximately $16.6 million, an increase of 28% over the preceding quarter rand a 44% increase over the same period last year. Riverstone expects to report improved margins, saying its margins "are approaching a range more typical of a company of its size in the networking sector. "

Cash was positively impacted during the second quarter by receipt of $28 million in proceeds from the previously announced sale of the company's enterprise technology platform to Hewlett Packard in June, and a $7.2 million reimbursement from the Company's primary directors and officers liability insurance carrier for litigation costs incurred to date.


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