Occam in the News
Occam Networks Slips To Loss In Q4 On Higher Expenses - Update
RTTNews.com
February 21, 2008
Wednesday, Occam Networks Inc. (OCNW), a provider of broadband access products, announced financial results for the fourth quarter, reporting a turn to loss from a profit last year, on higher expenses and lower revenues.
The Santa Barbara, California-based company's net loss attributable to common shareholders were $4.56 million or $0.23 per share, compared to net income of $1.69 million or $0.09 per share in the same quarter of the prior year.
The company's net loss for the quarter was $4.56 million, compared to a net income of $1.73 million in the year-ago quarter. Non-GAAP net loss attributable to common shareholder was $1.86 million or $0.09 per share, compared to net income of $2.36 million or $0.12 per share for 2006.
On average, three analysts polled by First Call/Thomson Financial expected the company to earn $0.12 per share for the quarter.
Loss from operations was $5.00 million, compared to income from operations of $1.32 million in the last year quarter.
Quarterly sales fell 4% to $21.27 million from $22.18 million in the corresponding quarter a year ago. Three Wall Street analysts expected revenues of $15.73 million for the quarter.
Total operating expenses climbed to $14.18 million from $7.05 million in the comparable quarter of last year.
For full year 2007, the company's net loss attributable to common shareholder's widened to $10.39 million or $0.53 per share from $2.20 million or $0.24 per share in the prior year.
Net loss for the year was $10.39 million, compared to net income of $1.24 million last year.
Non -GAAP net loss attributable to common shareholders was $6.12 million or $0.09 per share, compared to non-GAAP net income of $3.14 million or $0.18 per share in 2006.
Loss from operation was $12.96 million, compared to income from operations of $829 thousand for the year.
Annual sales rose 10% to $75.15 million from $68.20 million in the same prior-year Quarter. Three Wall Street analyst anticipated revenues of $69.60 million for the year.
The company noted that the results for 2007 included a $2.2 million in-process research and development charge related to the Terawave asset purchase. The results also included non-cash, employee stock-based compensation expenses.
OCNW closed Wednesday's regular trading at $ 4.28, up $0.40 or 10.31%, on a volume of $47,892 shares. In after-hours trading, the stock declined $0.3256 or 7.61% to settle at $3.9544.