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.
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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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