Occam in the News
Occam Reports Q3
November 13, 2007
SANTA BARBARA, Calif. -- Occam Networks Inc. (NASDAQ:OCNW), a supplier of innovative Ethernet and IP-based loop carrier equipment to telecommunications service providers, today reported results for the third quarter of 2007, which ended September 30, 2007. The company reported quarterly revenue of $15.7 million. Third quarter 2007 revenues represented a decrease of 19 percent over the second quarter of 2007, and a 25 percent decrease over the same third quarter of 2006. Revenues for the first nine months of 2007 were $53.9 million, a 17 percent increase over the same nine months for 2006. Net loss for the third quarter of 2007 was $4.9 million as compared to $946,000 for the second quarter of 2007 and net income of $1.6 million for the third quarter of 2006. Net loss for the first nine months of 2007 was $5.8 million as compared to $3.9 million for the same period in 2006. Loss per share for the third quarter of 2007 was $0.25 as compared to $0.05 for the second quarter of 2007 and basic earnings per share of $0.22 and diluted earnings per share of $0.09 for the third quarter of 2006. Loss per share for the first nine months of 2007 was $0.29 as compared to $0.55 for the same period in 2006.
"It was a challenging quarter for Occam on many fronts," said Bob Howard-Anderson, president and CEO of Occam Networks. "The market proved challenging, as customers delayed purchasing decisions and shifted their investment decisions from copper to fiber access lines. We are pleased that we concluded our restatement and are now current in all of our required SEC filings."
"Continuing our double digit new customer capture rate, we grew our customer base to 258 telephone service providers," added Howard-Anderson. "We see our recent acquisition of certain assets of Terawave Communications, a leading PON provider, as positioning us for the shift we are seeing from copper to fiber access networks."