Occam Networks Announces Second-Quarter 2010 Results
Press Release Source: Occam Networks, Inc. On Thursday July 29, 2010, 4:00 pm
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Occam Networks®, Inc. (Nasdaq:OCNW - News), a leading broadband access supplier offering multiservice access platform (MSAP) solutions based on pure packet technologies, today reported financial results for the second quarter ended June 30, 2010.
Revenue for the second quarter of 2010 was $23.8 million, compared with $22.3 million for the first quarter of 2010 and with $21.0 million for the second quarter of 2009.
Gross margin for the second quarter of 2010 was $9.8 million, or 41% of revenue, compared with $9.8 million, or 44% of revenue for the first quarter of 2010. Gross margin for the second quarter of 2009 was $8.0 million, or 38% of revenue.
As reported under U.S. generally accepted accounting principles (GAAP), net loss attributable to common stockholders for the second quarter of 2010 was $320,000 or a net loss of $0.02 per basic share, compared with a net loss for the first quarter 2010 of $610,000, or a net loss of $0.03 per basic share. For the second quarter of 2009, Occam reported a net loss of $2.4 million, or a net loss of $0.12 per basic share.
Non-GAAP net income available to common stockholders for the second quarter of 2010 was $387,000, or $0.02 per basic share, excluding stock-based compensation expense of $707,000. This compared with non-GAAP net income for the prior quarter of $173,000, or $0.01 per basic share, excluding stock-based compensation expense of $783,000. The company reported a non-GAAP net loss attributable to common stockholders for the second quarter of 2009 of $1.3 million, or a net loss of $0.06 per basic share, which excluded stock-based compensation expense of $891,000 and a restructuring charge of $213,000. A reconciliation of Occam’s GAAP measures to its non-GAAP measures is provided in the financial statements portion of this news release.
“This quarter marked the start of first revenue shipments on stimulus-related customer orders,” said Bob Howard-Anderson, president and CEO of Occam. ”Service providers who have secured government funding are now moving ahead with their plans, and we look forward to the continued adoption of Occam solutions into their network plans.”
Recent highlights included:
•BLC 6000 deployments with key customers such as Big Bend Telephone, Central Scott Telephone, Rural Telephone/Nex-Tech, and Hardee County, Florida, and Slic Network Solutions to extend broadband services to subscribers in underserved areas.
•Occam and NYnet winning a joint award for Business Service Innovation by the Global Telecoms Business Innovation Awards for deploying a pioneering next-generation network at Scarborough Business Park, England – the first in the UK to offer bandwidth over 100 Mbps to its customers.
•Occam’s new BLC 6316 48-port Ethernet OLT and BLC 6216 48-port VDSL2 blades being accepted by the Rural Utilities Service List of Materials.
Business Outlook
For the third quarter of 2010, the company currently expects a high single digit to low double digit percent increase in revenue over the second quarter of 2010.
Today’s Conference Call
Occam plans to hold a teleconference to discuss its second-quarter results at 5:00 p.m. ET (2:00 p.m. PT) today. The call can be accessed by dialing (480) 629-9819 (for both U.S. and international callers). A live and archived webcast of the call will be available on the Occam website for up to one year after the call. To access the webcast, go to the Investor Relations page at occamnetworks.com and click on the “2Q 2010 Webcast” link. In addition to the webcast, a phone replay will be available for one week after the live call at (303) 590-3030, code number 4328651. |
