Sycamore Networks, Inc. Reports Third Quarter Fiscal Year 2007 Financial Results
Thursday July 19, 4:15 pm ET
Current in SEC Reporting Obligations
CHELMSFORD, Mass.--(BUSINESS WIRE)--Sycamore Networks, Inc. (NASDAQ: SCMR - News), a leader in intelligent networking solutions for fixed line and mobile network operators worldwide, today reported its third quarter results for the period ended April 28, 2007. Revenue for the third quarter of fiscal 2007 was $43.5 million, compared with $22.9 million for the third quarter of fiscal 2006. Sycamore's multiservice access product line, added to its portfolio during the first quarter of fiscal 2007, contributed $5.0 million in product revenue for the third quarter of fiscal 2007.
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Net income for the third quarter of fiscal 2007, on a generally accepted accounting principles ("GAAP") basis, was $6.7 million, or $0.02 per fully diluted share, compared with a net income of $10.5 million, or $0.04 per fully diluted share for the third quarter of fiscal 2006. Non-GAAP net income for the third quarter of fiscal 2007 was $8.9 million, or $0.03 per fully diluted share, compared with non-GAAP net income of $12.3 million, or $0.04 per fully diluted share for the third quarter of fiscal 2006. The reconciliation between net income on a GAAP basis and net income 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 2007 was $118.0 million, compared with $71.1 million for the first nine months of fiscal 2006. Sycamore's multiservice access product line contributed $20.5 million in product revenue for the first nine months of fiscal 2007.
Net loss for the first nine months of fiscal 2007, on a GAAP basis, was $7.1 million or $(0.03) per fully diluted share, compared with a net income of $22.4 million or $0.08 per fully diluted share for the first nine months of fiscal 2006. Non-GAAP net income for the first nine months of fiscal 2007 was $20.2 million, or $0.07 per fully diluted share, compared with non-GAAP net income of $27.7 million, or $0.10 per fully diluted share for the first nine months of fiscal 2006. The reconciliation between net income (loss) on a GAAP basis and net income 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 are pleased with the positive Q3 results, the strength of our product portfolio and the growth of the core networking products being used for intelligent bandwidth management applications," said Daniel E. Smith, Sycamore's president and chief executive officer. "As a result, we reported strong revenue growth 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 reported that, with the filing on July 19, 2007 of its Quarterly Reports on Form 10-Q for the periods ended October 28, 2006, January 27, 2007, and April 28, 2007, it has now filed all previously delinquent periodic reports with the Securities and Exchange Commission ("SEC"). The Company believes it is now current in its SEC reporting obligations and believes that it has complied with all conditions set forth for continued listing by the Nasdaq Listing Qualifications Panel; however, the Company awaits confirmation of compliance from NASDAQ.
Fourth Quarter Conference Call
Sycamore Networks will discuss the financial results and other information presented in its SEC filings when it issues the results of its fourth quarter and fiscal year ended July 31, 2007.
About Sycamore Networks
Sycamore Networks, Inc. (NASDAQ: SCMR - News) is a leading provider of intelligent networking solutions for fixed line and mobile network operators worldwide. From multiservice access networks to the optical core, Sycamore products enable network operators to lower overall network costs, increase operational efficiencies, and rapidly deploy new revenue-generating services. Sycamore's global customer base includes Tier 1 service providers, government agencies, and utility companies. For more information, please visit www.sycamorenet.com. |
