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ONI Systems tops 1Q forecasts

    ONI Systems (Nasdaq: ONIS) beat the consensus estimate in its first quarter as a publicly-traded company.

    After market close Monday, the provider of optical networking equipment reported a second quarter net loss of $20 million, or 18 cents per share, excluding special charges. First Call's survey of seven analysts predicted a loss of 20 cents per share for the quarter ended June 30.

    Including all items, ONI lost $43.6 million, or 40 cents per share.

    Shares of ONI rose to 91 7/16 in afterhours activity on the Island electronic communications network, following the release of quarterly results. ONI shares closed fell 13/16 to 88 9/16 in Monday's regular trading, prior to the report.

    Second quarter revenue increased to $9.5 million, up more than 150 percent sequentially and about $3 million more than the company expected, executives said during a conference call with analysts.

    Gross margin improved to 27.6 percent from 21.5 percent in the first quarter, when the company began shipping its Online9000 product.

    ONI went public June 1 and went on to post one of the most spectacular first day gains in the first half of this year. The stock remains more than 350 percent above its initial offering price of 25, but down more than 13 percent from its first day close.>