CHELMSFORD, MA — Sycamore Networks, Inc., a leader in intelligent bandwidth management solutions for fixed line and mobile network operators worldwide, today reported its results for the first quarter ended October 25, 2008. Revenue for the first quarter of fiscal 2009 was $15.4 million, compared with $38.0 million for the first quarter of fiscal 2008.
Net loss for the first quarter of fiscal 2009, on a generally accepted accounting principles ("GAAP") basis, was $5.8 million, or $0.02 per share, compared with net income of $7.0 million, or $0.02 per share for the first quarter of fiscal 2008. Non-GAAP net loss for the first quarter of fiscal 2009 was $3.5 million, or $0.01 per fully diluted share, compared with non-GAAP net income of $10.4 million, or $0.04 per fully diluted share for the first quarter of fiscal 2008. The reconciliation between net income (loss) on a GAAP basis and net income (loss) on a non-GAAP basis is provided in a table immediately following the Unaudited Non-GAAP Consolidated Statements of Operations included with this release.
"Against a backdrop of challenging market conditions, our results for the first quarter represent continued financial discipline, expansion of customer relationships and progress on new development initiatives," said Daniel E. Smith, president and chief executive officer. "As we navigate our business through the current market environment, we remain focused on fostering opportunities at existing customers, expanding our customer base and advancing our technology differentiation."
Source: Sycamore Networks