Sycamore Networks, Inc. Reports Third Quarter Fiscal Year 2006 Financial Results
Tuesday May 23, 8:00 am ET
CHELMSFORD, Mass.--(BUSINESS WIRE)--May 23, 2006--Sycamore Networks, Inc. (NASDAQ: SCMR - News), a leader in optical networking, today reported its third quarter results for the period ended April 29, 2006.
Revenue for the third quarter of fiscal 2006 was $22.9 million, compared with $17.8 million for the third quarter of fiscal 2005.
Net income for the third quarter of fiscal 2006, on a generally accepted accounting principles (GAAP) basis, was $10.5 million, or $0.04 per fully diluted share, compared with a net loss of $12.0 million, or $(0.04) per fully diluted share for the third quarter of fiscal 2005. Non-GAAP net income for the third quarter of fiscal 2006, was $12.3 million, or $0.04 per fully diluted share, compared with a non-GAAP net loss of $0.5 million, or $(0.00) per fully diluted share for the third quarter of fiscal 2005. The reconciliation between net income (loss) on a GAAP basis and net income (loss) on a non-GAAP basis is provided in a table immediately following the Unaudited non-GAAP Consolidated Statements of Operations included with this release.
Revenue for the first nine months of fiscal 2006 was $71.1 million, compared with $46.9 million for the first nine months of fiscal 2005.
Net income for the first nine months of fiscal 2006, on a GAAP basis, was $22.4 million or $0.08 per fully diluted share, compared with a net loss of $25.2 million, or $(0.09) per fully diluted share for the first nine months of fiscal 2005. Non-GAAP net income for the first nine months of fiscal 2006, was $27.7 million, or $0.10 per fully diluted share, compared with a non-GAAP net loss of $12.7 million, or $(0.05) per fully diluted share for the first nine months of fiscal 2005. The reconciliation between net income (loss) on a GAAP basis and net income (loss) on a non-GAAP basis is provided in a table immediately following the Unaudited non-GAAP Consolidated Statements of Operations included with this release.
"We were very pleased with our third quarter results," said Daniel E. Smith, Sycamore's president and chief executive officer. "During the quarter we grew our revenue sequentially and year-over-year, improved our margin performance, and reduced operating expenses. As a result, we reported operating profitability and another quarter of positive cash generation. We continue to execute on our business strategy and our continued progress, we believe, underscores the unique value our intelligent networking solutions deliver to our customers."
The Company also announced today that on May 19, 2006, the staff of the Securities and Exchange Commission (the "SEC") informed the Company that the SEC has commenced a formal investigation related to certain stock options granted by the Company during calendar years 1999 through 2001 that were erroneously accounted for under GAAP. The Company had previously instituted and completed an independent investigation into this matter and subsequently restated financial results for fiscal years 2000 through 2004 and for the first two quarters of fiscal 2005. The Company has and will continue to cooperate fully with the SEC regarding this matter.
About Sycamore Networks
Sycamore Networks, Inc. (NASDAQ: SCMR - News) is a leading provider of intelligent optical switching products for telecommunications service providers worldwide. The Company's products form the reliable foundation for some of the world's most respected and innovative communications networks. Sycamore's fully integrated edge-to-core optical switching solutions enable network operators to efficiently and cost-effectively provision and manage optical network capacity to support a wide range of voice, video and data services. For more information, please visit www.sycamorenet.com. |
