OTTAWA, ONTARIO--(Marketwire - 05/06/10) - DragonWave Inc. (TSX:DWI - News)(NASDAQ:DRWI - News) a leading global supplier of packet microwave radio systems for mobile and access networks, today announced record financial results for the fourth quarter and fiscal year 2010, ended February 28, 2010. (All figures in Canadian dollars and Canadian GAAP.)
Q4 FY2010 Performance Summary:
-- Revenue: $63.8 million, up 463% versus Q4 FY2009 and 14% versus Q3FY2010-- Gross margin: 43%, versus 26% in Q4 FY2009 and 43% in Q3 FY2010-- Operating margin: 23%-- GAAP diluted earnings per share: $0.35-- Cash generated from operations: $16.2 million-- Cash, cash equivalents and short-term investments: $119.3 million
Revenue for the fourth quarter of fiscal 2010 increased 463% to $63.8 million, compared with $11.3 in the fourth quarter of fiscal 2009. Revenue from customers within North America increased to $60.9 million, compared with $7.6 million in the fourth quarter of the prior fiscal year.
Fourth-quarter net income was $13.4 million or $0.35 per diluted share, compared with a net loss of $2.2 million or ($0.08) per diluted share in the fourth quarter of 2009. Gross margin for the fourth quarter was 43%, compared with 26% in the fourth quarter of the prior fiscal year, and 43% in the third quarter of this fiscal year; operating margin was 23% in the quarter.
"DragonWave executed well, driving solid fourth-quarter results to complete an outstanding fiscal year," stated DragonWave President and CEO Peter Allen. "We are delivering innovative solutions and investing for growth in one of the most dynamic segments of the global wireless equipment market."
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