Monday, Sycamore Networks, Inc. (SCMR), a provider of intelligent bandwidth management solutions, reported a loss for the fourth quarter that widened year-over-year, reflecting an impairment charge and the impact of reduced capital spending by service providers amid the difficult business environment.
Net loss for the quarter widened to $34.9 million or $0.12 per share from $14.1 million or $0.05 per share in the corresponding period last year.
Results for the most recent quarter included an impairment charge of $24.2 million, of which $23.1 million relates to the total book value of goodwill and other intangible assets and $1.1 million to certain fixed assets. The charge resulted from an impairment assessment and valuation taking into consideration several market and economic factors, the company said.
Non-GAAP net loss narrowed to $6.5 million or $0.02 per share from $7.8 million or $0.03 per share in the same period last year. On average, two analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenue increased to $17.2 million from $15.1 million a year earlier. Street analysts expected the company to report revenues of $15.83 million for the quarter.
For the twelve-month period, net loss widened to $53.6 million or $0.19 per share from $0.1 million or $0.00 per share last year. Non-GAAP net loss widened to $19.5 million or $0.07 per share non-GAAP net income of $13.8 million, or $0.05 per share for fiscal 2008.
Revenue slid to $67.4 million from $115.5 million for fiscal 2008. Street analysts expected the company to report a loss of $0.07 per share on revenue of $64.65 million.
SCMR closed Friday's regular trading session at $3.23.
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