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Sycamore Networks, Inc. Reports Fourth Quarter And Fiscal Year 2011 Financial Results

Stocks in this article: SCMR

Sycamore Networks, Inc. (NASDAQ: SCMR), today reported its results for the fourth quarter and fiscal year ended July 31, 2011. Revenue for the fourth quarter of fiscal 2011 was $13.0 million, compared with $22.2 million for the fourth quarter of fiscal 2010. Revenue for fiscal 2011 was $48.7 million, compared with $68.6 million in fiscal 2010.

Net loss for the fourth quarter of fiscal 2011, on a generally accepted accounting principles (“GAAP”) basis, was $3.6 million, or $0.13 per share, compared with a GAAP net income of $0.5 million, or $0.02 per share for the fourth quarter of fiscal 2010. Non-GAAP net loss for the fourth quarter of fiscal 2011 was $2.5 million, or $0.09 per share, compared with non-GAAP net income of $1.3 million, or $0.05 per share for the fourth quarter of fiscal 2010. The reconciliation between net loss on a GAAP basis and net 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.

Net loss for fiscal 2011, on a GAAP basis, was $17.8 million or $0.62 per share, compared with GAAP net loss of $14.8 million or $0.52 per share for fiscal 2010. Non-GAAP net loss for fiscal 2011 was $14.7 million, or $0.51 per share, compared with non-GAAP net loss of $4.8 million, or $0.17 per share for fiscal 2010. The reconciliation between net loss on a GAAP basis and net 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.

"Sycamore's fourth quarter results continue to reflect the ongoing state of the bandwidth management market. Our Intelligent Bandwidth Management solutions play an important role in carrier networks around the world and they continue to contribute positively to Sycamore's overall operating results,” said Daniel E. Smith, president and chief executive officer. “We are pleased with the progress we are making in our IQstream trials and continue to receive strong interest from mobile operators. In today’s environment where capital dollars are scarce and demand for mobile data continues to grow, we believe our unique approach to mobile broadband optimization can help operators cost-effectively manage capacity constraints in the backhaul.”

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