Sycamore Networks, Inc. Reports Second Quarter Fiscal Year 2008 Financial Results
Thursday February 28, 8:00 am ET
CHELMSFORD, Mass.--(BUSINESS WIRE)--Sycamore Networks, Inc. (NASDAQ: SCMR - News), a leader in intelligent bandwidth management solutions for fixed line and mobile network operators worldwide, today reported its results for the second quarter ended January 26, 2008. Revenue for the second quarter of fiscal 2008 was $41.5 million, compared with $39.6 million for the second quarter of fiscal 2007.
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Net income for the second quarter of fiscal 2008, on a generally accepted accounting principles (“GAAP”) basis, was $9.7 million, or $0.03 per share, compared with net income of $3.3 million, or $0.01 per share for the second quarter of fiscal 2007. Non-GAAP net income for the second quarter of fiscal 2008 was $11.5 million, or $0.04 per fully diluted share, compared with non-GAAP net income of $5.7 million, or $0.02 per fully diluted share for the second quarter of fiscal 2007. 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.
Net income for the first six months of fiscal 2008, on a GAAP basis, was $16.7 million or $0.06 per fully diluted share, compared with a net loss of $13.8 million or $0.05 per fully diluted share for the first six months of fiscal 2007. Non-GAAP net income for the first six months of fiscal 2008 was $22.0 million, or $0.08 per fully diluted share, compared with non-GAAP net income of $11.7 million, or $0.04 per fully diluted share for the first six months of fiscal 2007. 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 are pleased with our second quarter results, which included strong margin performance, improved operating results, positive cash generation, along with sequential and quarter-over-quarter revenue growth," said Daniel E. Smith, Sycamore's president and chief executive officer. "Our solid performance during the quarter reflects continued customer demand for intelligently managed service capacity. We believe our competitive strengths in networking intelligence uniquely position us to deliver compelling value to our customers as their networks transition to accommodate high-bandwidth, multiservice growth."
About Sycamore Networks
Sycamore Networks, Inc. (NASDAQ: SCMR - News) is a leading provider of intelligent bandwidth management 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. |
