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Sycamore Networks, Inc. Reports Second Quarter Fiscal Year 2012 Financial Results

Sycamore Networks, Inc. (NASDAQ: SCMR), today reported its results for the second quarter ended January 28, 2012. Revenue for the second quarter of fiscal 2012 was $13.2 million, compared with $12.2 million for the second quarter of fiscal 2011.

Net loss for the second quarter of fiscal 2012, on a generally accepted accounting principles (“GAAP”) basis, was $3.7 million, or $0.13 per share, compared with a GAAP net loss of $3.5 million, or $0.12 per share for the second quarter of fiscal 2011. Non-GAAP net loss for the second quarter of fiscal 2012 was $2.7 million, or $0.10 per share, compared with a non-GAAP net loss of $3.1 million, or $0.11 per share for the second quarter of fiscal 2011. 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 the first six months of fiscal 2012, on a GAAP basis, was $5.3 million or $0.18 per share, compared with net loss of $10.0 million or $0.35 per share for the first six months of fiscal 2011. Non-GAAP net loss for the first six months of fiscal 2012 was $3.7 million, or $0.13 per share, compared with non-GAAP net loss of $8.8 million, or $0.31 per share for the first six months of fiscal 2011. 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.

“Our second quarter results continue to reflect our ongoing emphasis on maintaining positive operating contribution from our Bandwidth Management business while investing in IQstream, our mobile broadband optimization initiative,” said Daniel E. Smith, Sycamore’s president and chief executive officer. “During the quarter we made steady progress with our IQstream trial program. Our focus remains on demonstrating compelling bandwidth savings in the radio access network leading to improved service quality for end-users. We believe that IQstream can help mobile operators more effectively utilize existing bandwidth resources and position them to better manage the dynamic growth in mobile data and video that they are experiencing.”

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