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SCMR: effective Nov. 22,2016 final Liquidating Distribution $0.2261/share.
FINRA will delete the symbol:
http://otce.finra.org/DLDeletions
Someone bought 100K shares @.105. Interesting!
Sycamore Networks Announces Liquidating Distribution (4/11/16)
On April 11, 2016, the Board of Directors (the “Board”) of Sycamore Networks, Inc. (the “Company”) approved a liquidating distribution of $0.29 in cash per share of common stock, par value $0.001 per share (the “Common Stock”), or approximately $8.376 million in the aggregate, to stockholders of record as of April 22, 2016 to be paid on April 29, 2016. In accordance with FINRA Rule 11140(b), we expect the ex-dividend date will be May 2, 2016, the first business day following the payment date for the cash distribution.
As previously reported, the Company filed a certificate of dissolution with the Secretary of State of the State of Delaware on March 7, 2013, and on February 25, 2016 the Delaware Court of Chancery granted the Company’s petition to extend the Company’s corporate existence for an additional period of up to two years, ending on March 7, 2018, or such shorter period as the Board deems necessary, to make a final determination with respect to the Company’s remaining non-cash assets, and affirmed that approximately $3.54 million is sufficient to be retained for anticipated wind down costs and expenses. Any portion of this amount that is not required to cover such wind down costs and expenses may be distributed from time to time to the Company’s stockholders in the discretion of the Board in accordance with its fiduciary duties. This liquidating distribution represents a partial distribution of the Company’s remaining funds. Following a final determination by the Board with respect to the remaining non-cash assets, which primarily consist of the Company’s investment in Tejas Networks India Private Limited, a private company in India that provides optical transport solutions to telecommunications carriers, the Company would expect to make a final liquidating distribution and conclude the dissolution period. However, the dissolution process and the payment of any distribution to stockholders involve substantial risks and uncertainties. Accordingly, it is not possible to predict the timing of the completion of the dissolution, the timing of any further distributions to stockholders or the aggregate amount of any such distributions, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Company’s Statement of Net Assets included in its Quarterly Report on Form 10-Q for the quarterly period ended January 30, 2016. The Company will continue to analyze its estimates of liquidation expenses on an ongoing basis and determine whether further distributions of assets to its stockholders are appropriate at such times.
http://www.sec.gov/Archives/edgar/data/1092367/000119312516537175/d180301d8k.htm
Sycamore Networks Completes Sale of Tyngsborough Land (12/08/15)
On 12/04/15, Sycamore Networks, Inc. completed the previously disclosed sale of approximately 102 acres of undeveloped land located in Tyngsborough, Massachusetts owned by the Company to Princeton Tyngsborough Commons LLC pursuant to a Purchase and Sale Agreement, dated October 10, 2014, as amended, for a total purchase price of $2.5 million.
Certain representations and warranties under the Purchase Agreement will survive the closing until February 29, 2016. Pursuant to the Purchase Agreement, under no circumstances will the Company be liable to Buyer for more than $75,000 in the aggregate for any breaches of such representations and warranties.
In connection with the closing of the sale of the Tyngsborough Land, certain transactions under the previously disclosed Settlement Agreement with respect to (i) the complaint filed by Franklin Equities, LLC and FE Potash 100, LLC (together, the “Plaintiffs”), abutters of the Tyngsborough Land, in the Land Court Department of the Trial Court of the Commonwealth of Massachusetts against the Company and Charles McAnsin Associates, A Limited Partnership (the “Tyngsborough Litigation”) and (ii) certain other litigation to which the Company was not a party were consummated, including the disbursement of settlement funds to the Plaintiffs, the filing of a stipulation of dismissal of the Tyngsborough Litigation in the Land Court Department of the Trial Court of the Commonwealth of Massachusetts and the recording of the termination of a Reciprocal Easement Agreement, dated as of November 23, 1998, by and between predecessors-in-title of the Plaintiffs and the Company as owners of certain real property (including, in the case of the Company and its predecessor-in-title, several lots constituting the Tyngsborough Land) and a new easement agreement between the Company and the Plaintiffs, pursuant to which each party granted the other certain rights of use and access with respect to the Tyngsborough Land, with the Middlesex North Registry of Deeds in Middlesex County, Massachusetts.
http://www.sec.gov/Archives/edgar/data/1092367/000119312515397863/d40206d8k.htm
Marker;
Sycamore Networks, I (SCMR)
0.5799 up 0.0922 (18.91%)
Volume: 194,830
Breakout chart pattern
~ $SCMR ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!
$SCMR has just triggered the "Parabolic SAR Buy Signals" scan criteria at Stockcharts.com
~ http://tinyurl.com/SAR-BUY ~
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c
SCMR delisted from Nasdaq to OTC:
http://www.otcbb.com/asp/dailylist_detail.asp?d=03/07/2013&mkt_ctg=NON-OTCBB
Covered @.5701...though I think it's going back below .50
it's enough scalp for today.
Pay day, today. Then it's on to the fiscal cliff!
Given the results of the U.S. election and the prospects for businesses in the U.S. and Europe in the coming four years, SCMR may be on the leading edge of an inovative strategy for preserving capital. If they are able to sell the remaining pieces of the enterprise for a decent price, perhaps the preserved capital won't just go down some government rat hole, but will come back to create more wealth for individuals at some point in the future, when the business environment is less hostile.
Another viewpoint which suggests only $2.50/share in free cash on hand. Not sure how credible the writer is.
Sycamore Set To Close Up Shop
http://seekingalpha.com/article/289514-sycamore-networks-favorable-risk-reward-trading-near-net-cash-levels
The stated price for the Intelligent Bandwidth Management (IBM - LOL) segment at 18.7 million works out to a little over .60 per share based on the stated number of outstanding shares in the recent 10K. Hopefully, the IQStream segment is worth a lot more, and they are able to keep the final total value to shareholders above $6. Of course, we haven't heard from any bloodthirsty trial lawyers....... yet.
Well, this is a fine kettle of fish! They're winding down and dissolving the company, with $2 per share payout on November 12th and additional payouts at later date(s) as warranted! Will this move actually be in the best interest of current shareholders? Today's action in SCMR should be interesting, to say the least, and we should quickly get some sense of just how much value knowledgeable parties place on the assets being put up for sale. Hold on to your hats, this ride could get bumpy today.
Sycamore Networks Inc SCMR:NASDAQ
Sycamore Networks Signs Definitive Agreement to Sell
Intelligent Bandwidth Management Business and Announces
Intent to Wind Down Remaining
Operations
BusinessWire
3:14 PM ET
Sycamore Networks, Inc. (NASDAQ: SCMR), today announced
that it has signed a definitive asset sale agreement
to sell substantially all of the assets of its
Intelligent Bandwidth Management business to a
subsidiary of Marlin Equity Partners ("Marlin") for $18.75
million, subject to certain adjustments and the
assumption by Marlin of certain liabilities. The
closing of the asset sale, which is subject to
stockholder approval and other customary closing conditions,
is expected to occur no later than the first quarter
of calendar year 2013.
Under the terms of
the definitive asset sale agreement, Marlin will
acquire substantially all of the assets of the Company's
Intelligent Bandwidth Management product and service
business, all support operations, and the Company's
research and development center in Shanghai, China.
Marlin has agreed to make offers of employment to
substantially all of the employees of the Intelligent
Bandwidth Management business as of the closing of
the asset sale. The Company's Intelligent Bandwidth
Management product portfolio includes optical
networking and multiservice access products, which are
widely deployed in a global customer base that
includes Tier 1 service providers, government
agencies, utility operators, and large financial
enterprises. Upon the closing of the asset sale,
John Scully, vice president of worldwide sales and
support at the Company, will assume the role of
president and chief executive officer of the new Marlin
entity.
The Company also announced that
it is accelerating its pursuit of strategic
alternatives for IQstream(R), which may include an asset
sale or other business combination transaction, or
the discontinuation of the marketing and development
of IQstream. The Company further announced that in
the near term it will take certain cost reduction actions
associated with its IQstream business, including
workforce reductions and other cost containment
measures.
The Company also announced that
its Board of Directors has approved the liquidation
and dissolution of the Company pursuant to a Plan of
Liquidation and Dissolution following the completion of the
asset sale. The Plan of Liquidation and Dissolution
contemplates an orderly wind down of the Company's
business affairs, which will include the disposition
of the IQstream business to the extent those assets are not
sold prior to the filing of the certificate of
dissolution. The Plan further contemplates the sale
or monetization of the Company's other remaining
non-cash assets, the satisfaction or settlement of its
liabilities and obligations, including contingent
liabilities and claims, and additional distributions
of any remaining cash to the Company's stockholders.
If the dissolution of the Company is approved, the
Company also intends, following the filing of a certificate
of dissolution, to close its stock transfer books
and to discontinue recording transfers of its common
stock.
On October 22, 2012, the Board of
Directors of the Company also approved a special
cash distribution of $2.00 per share of common stock, which
will be paid on November 12, 2012 to stockholders of
record as of November 2, 2012. In accordance with
NASDAQ Rule 11140(b), the ex-dividend date will be
November 13, 2012, the first business day following
the payment date for the cash distribution.
"After careful consideration of the
Company's strategic alternatives, we believe these
actions are in the best interests of Sycamore's
stockholders, as well as its customers and employees," said
Daniel E. Smith, president and chief executive
officer, Sycamore Networks. "We are pleased with
Marlin's decision to acquire our Intelligent Bandwidth
Management business operations, which will provide for
continued support of our global customer base."
Both the asset sale and dissolution are
subject to stockholder approval. The Company intends
to file a proxy statement with respect to a special
meeting of the Company's stockholders to seek stockholder
approval for each of the sale of the assets of its
Intelligent Bandwidth Management business and the
dissolution of the Company pursuant to the Plan of
Liquidation and Dissolution following the completion of the
asset sale and a final determination regarding the
Company's IQstream business. The Company's Board of
Directors unanimously approved the sale of the assets
of the Intelligent Bandwidth Management product and service
business to Marlin and the dissolution of the
Company and recommends that the Company's
stockholders vote in favor of the asset sale and the
dissolution.
Blackstone Advisory Partners
acted as financial advisor to the Company.
Thank you for the info!!
The company paid out a special $10 dividend on October 12, which was more than 25 percent of the stock price prior to payment of the dividend. By stock exchange rules the stock price is adjusted on the ex-dividend date to reflect the amount of the large dividend paid. Of course, the stock price quickly goes up or down from there, depending on the level of market confidence in the ability of the company to succeed. A few well known analysts have indicated a higher valuation than the price at which the stock is currently trading.
Decision Time:
Post special dividend opinion from S&P Capital IQ
S&P MAINTAINS BUY OPINION ON SHARES OF SYCAMORE NETWORKS
(S&P Capital IQ)
We are reducing our 12-month target price by $13.50 to $7.50, based on 1.4X book value and the payout of roughly $289M in a one-time cash dividend. We are narrowing our FY 13 (Jul.) loss per share estimate by $0.15 to $0.30. SCMR reported a Jul-Q loss per share of $0.03, vs. a loss of $0.09, $0.11 better than our estimate. Despite our concerns with a cautious service provider spending environment, we believe SCMR's IQStream optimization products will help drive growth. Given the low share price, we believe a recurring dividend would benefit shareholders.
What about the person who PURCHASED your shares on 9/27/12? Did the purchaser on the other side of your sell get the special dividend as well? Are you sure your broker didn't adjust the price of your 9/27/12 sell downward on Friday to reflect the special dividend? If not, then you may have found a "special" loophole. Note the following excerpt about this issue from The Motley Fool.
Some people believe that investing in a stock just before the company pays a dividend is a neat trick. This especially is prevalent for those companies that are paying a large one-time dividend, such as that TDAmeritrade one, above. They'll buy the stock, get the dividend, and then sell the stock for close to what they paid and make a nice little profit from the dividend amount. Well, no such luck. Due to the adjustment, their net profit turns out to be real close to zero. As Snidely Whiplash would mutter, "Curses! Foiled again!"
http://wiki.fool.com/Ex-dividend
i hope this help.. i bought in 9/24/2012 sold at 9/27/2012 and got my dividend. so i got bought the money of the shares and the dividend. i got the dividend last night.
Think about it, how can you pay someone today based off of who owns it tomorrow ...
I still traded this because it opened red on a couple of scanners (read: more people will see what is going on).
Even after the big dividend, the shares have a book value of close to $5.30
Regardless,
I hope to see you around ... but sometimes I spend time (and money) being a degenerate in the micro penny stocks that get pushed around here. You seem to be someone that plays ETFs.
I bet you can kick my bottom when it comes to technical analysis ...
But I can chug a lot more Kool-Aid than you. (LOL, I am more willing to accept a pump story.)
This is a special dividend which exceeded 25% of the share price. Different rules apply in such situations, but I agree it seems unnecessarily confusing
Can someone explain how a shoddy 8-K was put out with the dividend details?
It doesn't make sense ....
Date of record is October 1, ok I got that.
Date of payment is October 11, ok seems reasonable.
Date of ex-dividend October 12, say what?
How can the ex-dividend date be after the date of payment.
This should have been rectified.
Nine days until the special $10 dividend "ex" date and the stock is hovering around the "cash on hand" with little or no value assigned to the enterprise. Is it worth anything beyond the cash? We shall soon see.
Not yet, the party is scheduled for October 12, 2012. RSVP,BYOB
WOW!!! they shorts scmr like there no tomorrow!!
At this point, it all appears to depend on whether or not investors believe there is more to this stock than the $5.00 and change of cash which will be left after the special dividend. Two fairly respectable analysts have put a target price between $21 and $28, but they both stipulate their analysis depends solely on the ability of the company to continue or exceed the current revenue growth with their IQStream product. In other words, it's a crap shoot at this point, but isn't that generally what investors are faced with?
http://www.iqstream.net/overview.aspx
at this price will this be a good buy?
The ex-dividend date for the special dividend is October 12, 2012 even though the record date is October 1, 2012. In order to receive and keep the special dividend, it appears you will need to buy the stock by 9/27/2012 and own it through 10/11/2012
The Company also announced that, on September 19, 2012, its Board of Directors approved a special cash distribution of $10.00 per share of common stock. The cash distribution will be paid on October 11, 2012 to stockholders of record as of October 1, 2012. In accordance with NASDAQ Rule 11140(b), the ex-dividend date will be October 12, 2012, the first business day following the payment date for the cash distribution.
Read the following excerpt from the SEC website.
If you sell your stock before the ex-dividend date, you also are selling away your right to the stock dividend. Your sale includes an obligation to deliver any shares acquired as a result of the dividend to the buyer of your shares, since the seller will receive an I.O.U. or "due bill" from his or her broker for the additional shares. Thus, it is important to remember that the day you can sell your shares without being obligated to deliver the additional shares is not the first business day after the record date, but usually is the first business day after the stock dividend is paid.
If you have questions about specific dividends, you should consult with your financial advisor. You can also get information by going to your library and reading Standard and Poor's Dividend Record Binder.
From NASDAQ
Dividends Or Distributions
25 Percent Or Greater Than
Security Value
The second method, under
subparagraph (b)(2) of Rule 11140,
provides that for dividends or
distributions that are 25 percent or
greater of the value of the subject
security, the ex-date shall be the
first business day following the
payable date. For example, if an
issuer has announced August 10 as
the record date and August 31 as
the payable date, then the ex-date
will be September 1, the first
business day after the payable
date. In this example, September 1
is the day on or after which a buyer
would purchase the security without
the dividend and, therefore, the day
on which the price of the stock is
adjusted downward. In this
example, a seller of the security on
August 15, even though the holder
of record to receive the dividend,
would have to relinquish the
dividend to the buyer. Indeed,
because the value of the security
on August 15 has not yet been
adjusted downward to reflect the
dividend distribution, the seller in
this example would be unjustly
enriched by keeping the dividend.
The seller would have received the
value of the dividend twice: first, as
fully reflected in the unadjusted
price of the stock on August 15;
and secondly, as subsequently paid
by the company to record date holders.
This Notice reminds member firms
and their associated persons that
ex-dates are determined differently,
depending on the size of the
distribution. Current and historical
dividend information is maintained
by The Nasdaq Stock Market and
can be found on the Nasdaq Trader
Web Site at
www.nasdaqtrader.com/dailylist/
dl_di_ind.stm.
Tax angle to SCMR special dividend?
Friday, September 21, 1:04 PM Look for a deluge of special dividends over the next quarter, says Goldman Sachs, as corporations rush to return cash to shareholders before taxes go higher in 2013. Choice Hotels CEO Steve Joyce sums it up: "Tax rates on dividends are never going to be better ... I don't know how much worse they are going to get, but they are going to get worse."
http://seekingalpha.com/currents/post/551221
Sycamore Networks Inc. (SCMR) Set Nearly A 5-Month High On Q4 Sales News
http://www.rttnews.com/1969518/sycamore-networks-inc-scmr-set-nearly-a-5-month-high-on-q4-sales-news.aspx?type=btb&utm_source=google&utm_campaign=sitemap
For those of you who have access to S & P Capital IQ it looks like they issued a rating upgrade from hold to buy for SCMR yesterday.
Patent awarded 9/19/2012. Coincidence?
Sycamore Networks Assigned Patent
Targeted News Service
By Targeted News Service
ALEXANDRIA, Va., Sept. 19 -- Sycamore Networks, Chelmsford, Mass., has been assigned a patent (8,271,610) developed by five co-inventors for a "distributed content caching solution for a mobile wireless network." The co-inventors are Yang Cao, Westford, Mass., Michael Nicolazzo, Philadelphia, William M. Turner, Higganum, Conn., Talbot Hack, Ann Arbor, Mich., and Moshe Suberri, Voorhees, N.J.
The abstract of the patent published by the U.S. Patent and Trademark Office states: "A method in an electronic device provides local content to a user device in a communication network. The communication network includes an access network and a core network. In the access network, a content request is intercepted from the user device, which may be formatted according to a network interface. The content request may include a request for data content. Protocol layers associated with an active data session may be terminated so that an edge gateway device may extract and inject packets into the data stream without involving the core network. A cache may be maintained in the access network."
The patent application was filed on March 5, 2009 (12/398,735). The full-text of the patent can be found at patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=8,271,610&OS=8,271,610&RS=8,271,610
Written by Arpi Sharma; edited by Anand Kumar.
AS0919AK0919-786576
http://www.equities.com/news/headline-story?dt=2012-09-19&val=491721&cat=tech
Cash! Cash! Get yer red hot cash!
Sycamore Networks: Favorable Risk/Reward Trading Near Net-Cash Levels
We are recommending a speculative long position in Sycamore Networks (SCMR) as we believe downside is limited by its substantial cash balance (over $15.00 in net cash on the balance as of the most recent quarter, compared to a recent stock price of $17.05). We believe news of telecom operators adopting SCMR’s new product, IQStream, could serve as significant near-term catalyst.
Background: Historically, Sycamore Networks sold bandwidth solutions products, including optical switches, multiservice cross-connects, and multiservice access platforms, to wireline and wireless network service providers throughout the world. Competition in its core business was intense and the bargaining power of its customers was high due to significant customer concentration. As a result, SCMR has consistently lost share to larger rivals such as Cisco (CSCO), Alcatel-Lucent (ALU), and Huawei (Private) and has reported GAAP net losses in each of the past four years.
Why We Like the Stock
Disciplined expense management: To management’s credit, SCMR has been very diligent in minimizing expenses not associated with R&D. While it continues to use cash, the company has reduced its cash burn to $3.5 - $4.0 million a quarter. Thus, we believe its substantial cash balance ($442.5 million as of the last quarter) should remain intact for several quarters.
Smart new investors: In its Q1 11 SEC filing, legendary value investor Seth Klarman’s firm, The Baupost Group, reported a 100,000 share holding. In its Q2 11 filing, Baupost increased its stake to 225,000 shares. Its estimated average cost was $23.04, 35% above SCMR’s current stock price! Any familiar with Mr. Klarman’s record will know that it is a rare and wonderful event to purchase a company held by Baupost at such a discount to their purchase price.
Potential catalyst in its IQStream Product: A problem with investing in companies trading at or near net cash levels is the lack of a near-term catalyst. In SCMR’s case, its new product, IQStream, could be that catalyst. The IQStream is designed to help wireless telecom operators manage bandwidth constraints during peak periods of usage. Management has not provided financial details regarding IQStream, but it did state that at least one telecom operator had moved from a lab trial to field trials. An actual contract signing or more detailed information provided in the upcoming earnings call could provide a significant boost to the current share price.
Valuation
SCMR is currently trading at 1.1 times cash. Measuring upside is difficult to the newness of SCMR’s technology and the lack of financial data available, but we think it is safe to that risk-to-reward is compelling at this level. SCMR is set to report Q4 11 earnings on August 29th. We are expecting the stock to rally on favorable news and/or a new IQStream contract signing.
Risks
IQStream flops;
SCMR loses its financial discipline;
Management opts to spend cash on an acquisition rather than returning cash to shareholders.
http://seekingalpha.com/article/289514-sycamore-networks-favorable-risk-reward-trading-near-net-cash-levels
Look what popped up!
Why Sycamore Networks Popped
By Evan Niu, CFA, The Motley Fool
Posted 5:07PM 09/20/12
Posted under: Investing
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Sycamore Networks (NAS: SCMR) have popped today by as much as 19%, after the company announced preliminary fourth quarter results.
So what: Revenue came in at $16.8 million, well above the Street's estimates of $12.9 million. Full year sales were $57.3 million, also topping estimates. The company said all sales were derived from its intelligent bandwidth management offerings. Total cash and investments are up to $439.4 million.
Now what: Additionally, Sycamore announced that its board has approved a special cash distribution of $10 per share being paid out next month. Full financial results are pending impairment tests, and the company thinks any possible charges would be, at most, $2 million. After these tests are completed, it will release its finalized figures but, for now, investors seem rather pleased with its top line result and the cash distribution.
Interested in more info on Sycamore Networks? Add it to your watchlist by clicking here.
The article Why Sycamore Networks Popped originally appeared on Fool.com.
http://www.dailyfinance.com/2012/09/20/why-sycamore-networks-popped/
First come, first serve?
The Company also announced that, on September 19, 2012, its Board of Directors approved a special cash distribution of $10.00 per share of common stock. The cash distribution will be paid on October 11, 2012 to stockholders of record as of October 1, 2012. In accordance with NASDAQ Rule 11140(b), the ex-dividend date will be October 12, 2012, the first business day following the payment date for the cash distribution.
~ Monday! $SCMR ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $SCMR ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=SCMR&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=SCMR&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=SCMR
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=SCMR#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=SCMR+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=SCMR
Finviz: http://finviz.com/quote.ashx?t=SCMR
~ BusyStock: http://busystock.com/i.php?s=SCMR&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=SCMR >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Sycamore Networks, Inc. Reports Fourth Quarter and Fiscal Year 2007 Financial Results
Wednesday September 5, 7:30 am ET
Company Also Announces Departure of Chief Financial Officer
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 fourth quarter and fiscal year ended July 31, 2007. Revenue for the fourth quarter of fiscal 2007 was $38.0 million, compared with $16.3 million for the fourth quarter of fiscal 2006. Sycamore's multiservice access product line, added to its portfolio during the first quarter of fiscal 2007, contributed $8.6 million in product revenue for the fourth quarter of fiscal 2007.
ADVERTISEMENT
Net loss for the fourth quarter of fiscal 2007, on a generally accepted accounting principles ("GAAP") basis, was $6.1 million, or $(0.02) per share, compared with a net loss of $3.0 million, or $(0.01) per share for the fourth quarter of fiscal 2006. Non-GAAP net income for the fourth quarter of fiscal 2007 was $6.3 million, or $0.02 per fully diluted share, compared with non-GAAP net income of $5.0 million, or $0.02 per fully diluted share for the fourth quarter of fiscal 2006. The reconciliation between net loss 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.
Revenue for fiscal year 2007 was $156.0 million, compared with $87.4 million for fiscal 2006. Sycamore's multiservice access product line contributed $29.1 million in product revenue in fiscal 2007.
Net loss for fiscal 2007, on a GAAP basis, was $13.2 million or $(0.05) per share, compared with a net income of $19.4 million or $0.07 per fully diluted share for fiscal 2006. Non-GAAP net income for fiscal 2007 was $26.5 million, or $0.09 per fully diluted share, compared with non-GAAP net income of $32.7 million, or $0.12 per fully diluted share for fiscal 2006. The reconciliation between net income (loss) 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.
"Sycamore had a solid fourth quarter, and we're pleased with our revenue and margin performance this past year," said Daniel E. Smith, Sycamore's president and chief executive officer. "These results demonstrate continued strength in our intelligent bandwidth management solutions driven by increased capacity requirements from our customers. We believe our founding vision and unparalleled experience in building the world's largest dynamic, intelligent mesh networks, put us in a strong position to help network operators introduce agility, flexibility, and scalability to accommodate today's and tomorrow's revenue generating services."
The Company also announced today that Richard J. Gaynor, chief financial officer and vice president of finance and administration, will be leaving to pursue another employment opportunity. Mr. Gaynor expects to step down from his position at the end of this month. The Company announced it has begun a search for his successor.
"We would like to thank Rick for his many contributions and hard work during his tenure at Sycamore," said Daniel E. Smith, president and chief executive officer. "We wish him the best of luck in his future endeavors."
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