Occam Networks Announces Record Revenue for Q4 2004
Wednesday February 16, 4:28 pm ET
Company More than Doubles Annual Revenue over 2003
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Feb. 16, 2005--Occam Networks Inc. (OTCBB: OCCM - News), a supplier of innovative Ethernet and IP-based loop carrier equipment to telecommunications service providers worldwide, today reported results for the fourth quarter of 2004, which ended Dec. 31, 2004. The company reported revenue for the quarter of $6.5 million, setting a new record. Fourth quarter 2004 revenues represented an increase of 46 percent over the third quarter of 2004, the company's previous highest revenue quarter. During the quarter gross margins continued to improve, with the quarterly operating loss reduced from $3.0 million ($3.2 million on a GAAP basis) in the third quarter to $2.0 million ($2.2 million on a GAAP basis) this quarter. Non-GAAP net loss excludes non-cash expenses associated with amortization of deferred compensation. Annual revenue for 2004 was $17.3 million, more than doubling annual revenue of $7.9 million for 2003.
Results for the fourth quarter of 2004 are unaudited and will be verified when the company files its 10-K report and holds it earnings release call in March. There is still one specific calculation on warrant valuation that is being reviewed, but the results of the valuation are not expected to have a material effect on our operating results as reported today. The company will announce the date and time of the earnings call at a later date.
"Occam experienced substantial revenue growth in 2004, with Q4 being our best revenue quarter ever," said Bob Howard-Anderson, president and CEO of Occam Networks. "In 2004, we significantly increased revenue, added 31 new customers for a total of 75 and increased our gross margins. We are very pleased with the company's progress.
"In January we announced additional funding from our existing investors of $5.5M which is not reflected in the Dec. 31, 2004 balance sheet," added Howard-Anderson.
In addition to adding 31 new customers in 2004, Occam shipped the industry's first 48-port combination ADSL2Plus and POTS blade, as well as a 48-port ADSL2Plus blade for the BLC 6000 System; elected three new board members, Kenneth R. Cole, Thomas Pardun, and Robert Bylin; added the BLC 6000 to the RUS list of materials; expanded its reseller network; and renewed the company's ISO 9001:2000 Certification. |
