DragonWave Announces Financial Results for Fourth Quarter and Full Fiscal Year 2012
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwire) -- 05/03/12 -- DragonWave Inc. (TSX: DWI)(NASDAQ: DRWI) a leading global supplier of packet microwave radio systems for mobile and access networks, today announced financial results for the fourth quarter and full fiscal year 2012, ended February 29, 2012. All figures are in U.S. dollars and were prepared in accordance with U.S. generally accepted accounting principles.
Revenue for the fourth quarter of fiscal year 2012 was $9.2 million, compared with $11.8 million in the third quarter of fiscal year 2012 and $15.1 million in the fourth quarter of fiscal year 2011. Revenue from customers within North America was $4.8 million, compared with $8.2 million in the third quarter of this fiscal year and $10.2 million in the fourth quarter of fiscal year 2011. DragonWave had 2 customers who each contributed more than 10% of revenue in the fourth quarter.
Gross margin for the fourth quarter of fiscal year 2012 was 13%, compared with 41% in the third quarter of fiscal year 2012 and 29% in the fourth quarter of fiscal year 2011. The gross margins in the fourth quarters of fiscal years 2012 and 2011 reflect the inclusion of inventory impairment provisions of $1.7 million and $2.0 million respectively.
Net and comprehensive loss applicable to shareholders in the fourth quarter of fiscal year 2012 was $13.4 million or ($0.38) per basic and diluted share. This compares to a net and comprehensive loss applicable to shareholders of $8.0 million or ($0.23) per basic diluted share in the third quarter of fiscal year 2012 and net loss of $8.9 million or ($0.25) per basic and diluted share in the fourth quarter of fiscal year 2011.
"Earlier today, in a separate press release, we announced a transformational event for DragonWave - the amended agreement between DragonWave and Nokia Siemens Networks for DragonWave to acquire the Nokia Siemens Networks' microwave transport business and associated operational support system and support functions," said DragonWave President and CEO Peter Allen. "In addition, through this strategic partnership, DragonWave becomes the preferred strategic supplier of packet microwave solutions and related products to Nokia Siemens Networks, and the companies will jointly coordinate technology development activities.
"Nokia Siemens Networks is a leading global supplier of complete solutions for broadband mobile networks. The company is demonstrating strong momentum with numerous new LTE customer wins," continued Mr. Allen. "Industry-best high-capacity packet microwave backhaul from DragonWave will form a key component and strategic advantage of NSN's complete solution for broadband mobile networks."
Cash, cash equivalents, restricted cash, and short-term investments totaled $53.0 million at the end of the fourth quarter of fiscal year 2012, compared to $60.2 million at the end of the third quarter, and $89.7 million at the end of the fourth quarter of fiscal year 2011.
Revenue for the full fiscal year 2012 was $45.7 million, compared with $118.0 million for the prior fiscal year. Net and comprehensive loss applicable to shareholders for the full fiscal year 2012 was $33.5 million or ($0.94) per basic and diluted share.
Revenue Outlook for First Quarter Fiscal Year 2013
DragonWave expects revenue for the first quarter of fiscal year 2013 to be in the range of $12 million to $14 million.
Webcast and Conference Call Details:
The DragonWave management team will discuss the results on a webcast and conference call beginning at 8:30 a.m. Eastern Time today, May 3, 2012.
The live webcast and presentation slides will be available at the Investor Relations section of the DragonWave website at:
An archive of the webcast will be available at the same link.
Conference call dial-in numbers:
U.S. Filings
DragonWave has filed its Form 40-F with the U.S. Securities and Exchange Commission (SEC). A copy of the Form 40-F is available on the DragonWave investor website at .
DragonWave shareholders may request a printed copy of the complete audited financial
statements, free of charge, at , or by regular mail at Shareholder Services, DragonWave Inc., 411 Legget Drive, Suite 600, Ottawa, Ontario, K2K 3C9.
About DragonWave
DragonWave® is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWave's carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWave's products is wireless network backhaul. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWave's corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America. For more information, visit .
DragonWave® is a registered trademark of DragonWave Inc.
Forward-Looking Statements
Certain statements in this release, including the estimate of the revenue range for the first quarter of fiscal year 2013 and the statements regarding the transactions involving Nokia Siemens Networks (the "NSN Transactions"), constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. These statements are subject to certain assumptions, risks and uncertainties. Material factors and assumptions used to develop revenue estimates include DragonWave's expectations regarding: the network deployment plans of its existing and new customers, and the volume and timing of orders, shipments and revenue recognition. The NSN Transactions are subject to closing conditions, including no material adverse effect. Material factors and assumptions relating to the NSN Transactions include the parties' beliefs regarding the industry and markets in which the parties operate; successful completion of the proposed transaction; and expectations regarding potential synergies and prospects for the business if the transaction is closed. The NSN Transactions are subject to risks, including: the risks that the parties will not proceed with the transactions for any reason; that the ultimate terms of the transactions will differ from those that are currently contemplated; that if the transactions are completed, that expected synergies will not materialize; that unexpected costs will be incurred to integrate the business; or that end-customer demand will not meet expectations.
In particular, the completion of the NSN Transactions is subject to a number of terms and conditions, including, without limitation, no occurrence of a material adverse effect. These conditions to the transaction may not be satisfied, in which case the NSN Transactions could be modified, restructured or terminated. Material risks and uncertainties following closing of the NSN Transactions are described under the heading "Risks and Uncertainties" in the MD&A dated May 2, 2012 and material risks and uncertainties related to acquisitions generally are described on pages 20 and 21 of the Company's Annual Information Form, dated May 4, 2011. Readers are cautioned not to place undue reliance on forward-looking statements. These statements are provided to assist external stakeholders in understanding DragonWave's expectations as of the date of this release and may not be appropriate for other purposes. Actual results, performance, achievements or developments of DragonWave may differ materially from the results, performance, achievements or developments expressed or implied by such statements. Risk factors, in addition to those detailed above, that may cause the actual results, performance, achievements or developments of DragonWave to differ materially from the results, performance, achievements or developments expressed or implied by such statements can be found in DragonWave's Annual Information Form dated May 4, 2011 and other public documents filed by DragonWave with Canadian and United States securities regulatory authorities, which are available at and , respectively, and include the following:
DragonWave assumes no obligation to update or revise any forward-looking statements or forward-looking information, whether because of new information, future events or otherwise, except as expressly required by law.
Contacts:
Investor Contact:
John Lawlor
VP, Investor Relations
DragonWave Inc.
Tel: 613-895-7000
Media Contact:
Nadine Kittle
Marketing Communications
DragonWave Inc.
Tel: 613-599-9991 ext 2262
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Datum: 03.05.2012 - 04:05 Uhr
Sprache: Deutsch
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