Occam Networks Announces First-Quarter 2010 Results
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Occam Networks®, Inc. (Nasdaq: OCNW), a leading broadband access supplier offering multiservice access platform (MSAP) solutions based on pure packet technologies, today reported financial results for the first quarter ended March 31, 2010.
“With our product breadth and depth and continued good financial performance, we continue to believe that we are well positioned for growth in broadband deployments by service providers worldwide.”
Revenue for the first quarter of 2010 was $22.3 million, compared with $21.9 million for the fourth quarter of 2009 and with $19.4 million for the first quarter of 2009.
Gross margin for the first quarter of 2010 was $9.8 million, or 44% of revenue, compared with $8.9 million, or 40% of revenue for the fourth quarter of 2009. Gross margin for the first quarter of 2009 was $8.2 million, or 42% of revenue.
As reported under U.S. generally accepted accounting principles (GAAP), net loss attributable to common stockholders for the first quarter of 2010 was $610,000 or a net loss of $0.03 per basic share, compared with a net loss for the fourth quarter 2009 of $849,000, or a net loss of $0.04 per basic share. For the first quarter of 2009, Occam reported a net loss of $3.0 million, or a net loss of $0.15 per basic share.
Non-GAAP net income available to common stockholders for the first quarter of 2010 was $173,000, or $0.01 per basic share, excluding stock-based compensation expense of $783,000. This compared with non-GAAP net income for the prior quarter of $494,000, or $0.02 per basic share, excluding stock-based compensation expense of $1.3 million. The company reported a non-GAAP net loss attributable to common stockholders for the first quarter of 2009 of $2.3 million, or a net loss of $0.11 per basic share, which excluded stock-based compensation expense of $743,000. A reconciliation of Occam’s non-GAAP measures to its GAAP measures is provided in the financial statements portion of this news release.
“This quarter marked the shipment of several important new products,” said Bob Howard-Anderson, president and CEO of Occam. “With our product breadth and depth and continued good financial performance, we continue to believe that we are well positioned for growth in broadband deployments by service providers worldwide.”
Highlights for the first quarter of 2010 included:
Release of Occam OS 7.0 and first revenue shipments of the two key hardware components – the 6216 48-port VDSL2 blade with industry-leading performance and a wealth of software features and the 6316 48-port gigabit Ethernet OLT, which has already been adopted by a number of customers for FTTx buildouts.
Announced Occam’s selection by the Federated States of Micronesia Telecommunications Corporation (FSMTC) to upgrade its wireline network after conducting a comprehensive evaluation of access equipment providers based on product features, level of support and ease of deployment.
Continued international expansion with the announcement of two new resellers in EMEA – FCA in Poland and Ring-Net in Hungary.
Business Outlook
For the second quarter of 2010, the company currently expects a high single digit percent increase in revenue over first quarter 2010.
