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Technology Stocks : Sycamore Networks Inc-(SCMR)

SCMR 0.226

0.0%

Nov 30 4:00 PM EST

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To: bob zagorin who wrote (1881)	2/14/2001 7:38:53 PM
From: Maverick	of 2249

Highlights from Q2 conference call by: lakers_w 02/14/01 07:37 pm EST Msg: 47673 of 47673 Highlights from Q2 conference call Positive: - revenues of $149.2M were up 414% vs year ago and 24% sequentially. - shipped products to 14 service providers and 1 international distributor. - Williams represented ~50% of revs. Grew in absolute terms, but declined from less than 60% in Q1. Expects Williams to drop below 50% in coming quarters. - had two other customers that represented 10% of total rev. These two were different from the two 10% customers in Q1. - book-to-bill remained greater than 1. - expects operating expenses as percent of rev to decrease in Q3 by 2-3% points from Q2 and to decrease in Q4 an additional 3-4% points from Q3. Neutral: - inventory turns were 4.8, unchanged from Q1. - will extend vendor financing of up to $100M each to CoreExpress and Storm Telecomm. Has not yet recognized rev from VF and current draw-down is ~$50M. The company believes it is being conservative in its selection of VF customers and does not expect VF to exceed $250M in either FY01 or FY02. - gross margins were 47%, unchanged from previous quarters. R&D expenses were 28% of revenue, down from 29%. - left guidance for FY01 rev growth unchanged at 205%-210% over FY00. This represents a decrease in sequential growth rate vs previous quarters. - left guidance for FY01 earnings unchanged at $0.21 - $.24. First Call consensus is $.22. Miscellaneous: - SN8000 continued to represent majority of rev, with the SN6000 contributing modestly and SN16000 increasing to more than 5% of rev in Q2. Expects roughly same mix for full year '01 with the SN1600 increasing to 10-15% and the SN10000 contributing modestly for the first time. Began shipping SN3000 edge product, with deferred rev to be recognized in Q3 and now sees upside potential for the edge products of as much as twice of the company's original estimate. - ended quarter with $1.4B in cash and cash equivalents, down $81M from Q1. - CFO said "just like a hot bowl of oatmeal, our revenues offer alot of FIBER, but they're also very 'LUMPY'" :o)

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