The contract is primarily for multimode fiber, but also includes high performance GigaGrade and single-mode fiber. Product is scheduled to be shipped during 2002 through the end of 2004 from the Company’s German production facilities and has been added to backlog which, excluding this contract, has grown from a record $260 million at the end of March 2001 to over $300 million at the end of June 2001.
Commenting on the contract, Bob Sebesto, Vice President of Global Sales and Marketing said, Our multimode fiber continues to gain acceptance with many of the world’s leading independent cablers because of its superior performance, particularly in tight buffer cable constructions that require fibers with minimal bend sensitivity. These superior performance characteristics as well as our strong customer relationships have enabled us to continue to grow our backlog. This is particularly gratifying in light of recent weakness in other sectors of the fiber optic market. A further reason for our continued growth is that we sell our fiber primarily into the global data communications and access markets rather than into the U.S. telecom long haul sector, which is experiencing a major slowdown.
The Company also confirmed today that it recently joined the Russell 3000 Index. Index membership became effective on July 1 and will remain in place for a minimum of one year.
