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Sycamore Networks, Inc. Reports First Quarter Fiscal Year 2013 Financial Results

Stocks in this article: SCMR

Sycamore Networks, Inc. (NASDAQ: SCMR), today reported its results for the first quarter ended October 27, 2012. Revenue for the first quarter of fiscal 2013 was $12.1 million, compared with $15.4 million for the first quarter of fiscal 2012.

Net loss for the first quarter of fiscal 2013, on a generally accepted accounting principles (“GAAP”) basis, was $6.8 million, or $0.23 per share, compared with a GAAP net loss of $1.6 million, or $0.06 per share, for the first quarter of fiscal 2012.

Non-GAAP net loss for the first quarter of fiscal 2013 was $3.9 million, or $0.14 per share, compared with a non-GAAP net loss of $0.9 million, or $0.03 per share for the first quarter of fiscal 2012. The reconciliation between net loss on a GAAP basis and net loss on a non-GAAP basis is provided in the table immediately following the Unaudited Condensed Consolidated Statements of Operations included with this press release.

The Company also announced that, on November 27, 2012, its Board of Directors approved a special cash distribution of $0.50 per share of its common stock. The special cash distribution will be paid on December 20, 2012 to stockholders of record as of December 10, 2012. Given the amount of the special cash distribution, the Company expects that the ex-dividend date for the special cash distribution will be December 6, 2012, which is two business days prior to the record date for the special cash distribution.

The Company also announced it will not be holding a conference call with investors regarding its first quarter results.

About Sycamore NetworksSycamore Networks, Inc. (NASDAQ: SCMR) develops and markets intelligent bandwidth management solutions for fixed line and mobile network operators worldwide. Sycamore products enable network operators to efficiently and cost-effectively provision and manage network capacity to support a wide range of converged services such as voice, video and data. Our global customer base includes Tier 1 service providers, government agencies, and utility companies. For more information, please visit www.sycamorenet.com.

Use of Non-GAAP Financial MeasuresThe Company provides non-GAAP financial data in addition to providing financial results in accordance with generally accepted accounting principles (GAAP). These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. The Company believes that the items excluded from the non-GAAP results have one or more of the following characteristics: their magnitude and timing are largely outside of the Company’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual, and the Company does not expect them to occur in the ordinary course of business; or they are non-operational, non-cash expenses involving stock option grants.

The non-GAAP financial data is provided to enhance the reader’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by excluding certain expense and income items that the Company believes are not indicative of the Company’s core operating results. In addition, since the Company has historically reported non-GAAP results to the investment community, the Company believes the inclusion of non-GAAP numbers provides consistency in its financial reporting. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. The non-GAAP financial data should be considered in addition to, not as a substitute for or a more appropriate indicator of, operating results, cash flows, or other measures of financial performance prepared in accordance with GAAP.

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