ORCT
Orckit Communications Reports First Quarter 2012 Results; Provides Business Update
TEL AVIV, Israel, Jun 27, 2012 (GlobeNewswire via COMTEX) -- Orckit Communications Ltd. (OTCQB:ORCT) today reported results for the first quarter ended March 31, 2012.
Revenues for the first quarter of 2012 were $3.2 million compared to $2.5 million in the previous quarter ended December 31, 2011 and $4.6 million in the comparable quarter last year.
Net loss for the quarter ended March 31, 2012 was $3.6 million, or $(0.16) per share, compared to $4.9 million, or $(0.26) per diluted share, for the quarter ended December 31, 2011 and $6.0 million, or $(0.27) per share, for the first quarter of 2011.
Operating expenses for the quarter ended March 31, 2012 were $4.2 million compared to $7.1 million in the comparable quarter last year.
Adjustments related to the Company's Series A convertible notes issued in March 2007 and Series B convertible notes issued in June 2011 resulted in financial expense of $844,000 in the quarter ended March 31, 2012 and financial income of $2.0 million in the quarter ended December 31, 2011. Adjustments related to the conversion terms of the Series A convertible notes resulted in financial expense of $352,000 in the quarter ended March 31, 2011.
