Occam Networks Posts Q4 Revenue of $31.7 million, up 26% Sequentially

Occam Networks reported Q4 2008 revenue of $31.7 million, up 26 percent from the prior quarter and up 49 percent from the same quarter a year ago. Sequential revenue growth was primarily due to increased volume in the company's copper business.


Gross margin for the fourth quarter of 2008 was $13.1 million, or 41% of revenue, compared with $10.8 million, or 43% of revenue, for the prior quarter. Gross margin for the fourth quarter of 2008 was impacted primarily by an inventory provision for certain product components. Gross margin for the fourth quarter of 2007 was $9.2 million, or 43% of revenue.


Net income (GAAP) available to common stockholders for the fourth quarter of 2008 was $1.1 million, or $0.06 per basic and diluted share, compared with a net loss of $659,000, or a loss of $0.03 per basic share, for the third quarter and with a net loss of $4.6 million, or a loss of $0.23 per basic share, for the fourth quarter of 2007.


"During the year, our key goal was to position Occam for profitability by growing our overall customer base and launching sales of our GPON product, and these drove the successful execution of our business during the quarter," said Bob Howard-Anderson, president and CEO of Occam. "During the quarter we also experienced some slowdown in bookings and have seen additional order delays during the first quarter, as customers reacted to the economic environment."


As a result of the current environment, the company anticipates first quarter 2009 revenues to approximate those of first quarter 2008. In addition, due to the economic uncertainty, the company will not be providing financial expectations for 2009 at this time.
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