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DRAGONWAVE ANNOUNCES THIRD QUARTER FISCAL 2009 RESULTS
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1/8/2009 - Ottawa, Canada
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DragonWave Inc. ("DragonWave"), (TSX:DWI) a leading global supplier of next-generation wireless networks, today issued financial results for its third quarter of fiscal year 2009 ended November 30, 2008. All figures are prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are reported in Canadian dollars.
Revenue for the quarter was $10.7 million, compared with $10.6 million for the previous quarter. Revenue on a year to date basis was $32.0 million compared to $30.1 million in the previous year, a growth of 6.5%
Revenue from customers within North America was $6.4 million and represented 59% of total revenue for the quarter. Revenue from outside North America was $4.3 million and represented 41% of total revenue for the quarter.
Gross margin for the third quarter was 35%, compared to 34% in the previous quarter.
For the third quarter of fiscal year 2009, the loss from operations was $2.8 million, which was consistent with the loss in the second quarter of fiscal 2009. Expenses prior to the restructuring charge were $6.0 million compared to $6.5 million in the prior quarter. On December 1, 2008 the company announced restructuring measures and a one time charge of $0.5 million has been borne fully in the Q3 FY09 results. The net loss for the quarter was $0.2 million versus $1.7 million in Q2 fiscal 2009.
“DragonWave’s results for the quarter showed the company’s resilience as we maintained revenue, reduced the cash burn, and took restructuring measures to keep the business healthy. I am particularly pleased with DragonWave’s ability to continue to attract new customers, with shipments to 14 new customers in the third quarter, 12 of which were located outside of North America.” said Peter Allen, President and CEO of DragonWave.
The DragonWave management team will discuss the results on a conference call January 9, 2009 at 8:30 a.m. Eastern time.
Presentation material and a webcast link will be made available from the Investor Relations portal of DragonWave’s web site at http://www.dragonwaveinc.com/irevents.asp
Conference Call Details:
o Beginning at 8:30 a.m., EDT
o Toronto Dial In Number: 416-883-7132
o Toll Free Dial In Number: 1-888-205-4499
o UK Dial In Number: 00-800-8358-7000
o Participant Pass Code: 37041#
For a replay of the call, it will be made available on DragonWave Inc. web site, through the Investor Relations portal.
To review Management’s Discussion and Analysis for the quarter, please go to www.sedar.com
DragonWave Incorporated
DragonWave® is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWave’s carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWave’s products is wireless network backhaul. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWave’s corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America.
DragonWave® and Horizon® are registered trademarks of DragonWave Inc.
The company's Web site is http://www.dragonwaveinc.com.
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