Sycamore Networks, Inc. Reports Second Quarter Fiscal Year 2001 Financial Results
Business Wire - February 13, 2001 16:04
CHELMSFORD, Mass.--(BUSINESS WIRE)--Feb. 13, 2001--Sycamore Networks, Inc. (NASDAQ: SCMR), a leader in intelligent optical networking, today reported its second quarter results for the period ended January 27, 2001.
Revenues for the second quarter of fiscal 2001 were $149.2 million, an increase of 414% compared with $29.0 million in the same period last year. Revenues for the second quarter of fiscal 2001 were 24% higher than $120.4 million in the first quarter of fiscal 2001. Pro forma net income, which excludes the amortization of deferred stock compensation and payroll tax on stock option exercises, was $18.1 million, or $0.06 per share for the second quarter of fiscal 2001, compared with a pro forma net loss of $1.7 million or $(0.01) per share for the same period last year.
Actual net income for the second quarter of fiscal 2001 was $13.8 million or $0.05 per share, compared with actual net loss of $5.0 million or $(0.03) per share for the same period last year.
Revenues for the six months of fiscal 2001 were $269.7 million, an increase of 455% compared with $48.6 million for the first six months of fiscal 2000. Pro forma net income, which excludes the amortization of deferred stock compensation, payroll tax on stock option exercises and acquisition costs, was $33.3 million or $0.12 per share for the six months of fiscal 2001, compared with a pro forma net loss of $5.7 million or $(0.05) per share for the same six month period in fiscal 2000.
Actual net loss for the six months of fiscal 2001 was $12.4 million or $(0.05) per share, compared with actual net loss of $12.4 million or $(0.10) per share for the same six month period in fiscal 2000.
"Sycamore's second quarter financial results were highlighted by strong revenue growth and the continued diversification of our customer base," stated Daniel E. Smith, Sycamore's president and chief executive officer. "During the quarter, customers worldwide continued building their networks by deploying our SN 8000 intelligent optical transport product. From a technology perspective, we are particularly pleased with the progress that we are making with our new switching products. In recent months, we added three customers for our SN 16000 Intelligent Optical Switch while also capturing business for our new optical edge product, the SN 3000 Optical Access Switch."
Conference Call Webcast
Sycamore plans to review its second quarter results and discuss its outlook for fiscal 2001 and fiscal 2002 during a conference call today beginning at 4:30 p.m. EST. A Webcast of the conference call will be available to all interested parties on the Sycamore Web site at www.sycamorenet.com under the Investor Relations section. Interested parties are encouraged to log onto the broadcast at least 15 minutes prior to the call. Participating in the call will be Sycamore's president and chief executive officer Daniel E. Smith, chairman of the Board of Directors Gururaj Deshpande, and chief financial officer Frances M. Jewels.
Doesn't look bad for the quarter.
Jack |
