DragonWave Reports Quarterly Revenue of $13 Million

DragonWave reported Q1 2013 revenue of $13.0 million for the quarter ending May 31, compared with $9.2 million in the fourth quarter of fiscal year 2012 and $11.0 million in the first quarter of fiscal year 2012. Revenue from customers within North America was $10.1 million, compared with $4.8 million in the fourth quarter of fiscal year 2012 and $8.2 million in the first quarter of fiscal year 2012. DragonWave had two customers who each contributed more than 10% of revenue in the first quarter.

Gross margin for the first quarter of fiscal year 2013 was 32%, compared with 13% in the fourth quarter of fiscal year 2012 and 42% in the first quarter of fiscal year 2012. The gross margin in the fourth quarter of fiscal year 2012 reflects the inclusion of an inventory impairment provision of $1.7 million.

Net and comprehensive loss applicable to shareholders in the first quarter of fiscal year 2013 was ($12.6) million or ($0.35) per basic and diluted share. This compares to a net and comprehensive loss applicable to shareholders of ($13.4) million or ($0.38) per basic and diluted share in the fourth quarter of fiscal year 2012 and ($9.9) million or ($0.28) per basic and diluted share in the first quarter of fiscal year 2012.

In addition, DragonWave said it expects revenue for the second quarter of fiscal year 2013 to be in the range of $35 million to $45 million.

“We recently completed a transformational event for DragonWave – the acquisition of Nokia Siemens Networks' microwave transport business,” said DragonWave President and CEO Peter Allen. "Nokia Siemens Networks continues to strengthen its position as a leading global supplier of complete solutions for broadband mobile networks. Industry-best packet microwave backhaul from DragonWave is a key component of Nokia Siemens Networks’ complete solution for broadband mobile networks. In turn, Nokia Siemens Networks gives DragonWave the leverage of its large direct sales channel and access to its customer base of tier one mobile operators throughout the world.”
http://www.dragonwaveinc.com