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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dragonwave | LSE:DWI | London | Ordinary Share | CA26144M1032 | COM SHS NPV (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
NEWS RELEASE TRANSMITTED BY MARKETWIRE FOR: DRAGONWAVE INC. AIM, TSX SYMBOL: DWI January 10, 2008 DragonWave Announces Third Quarter Fiscal 2008 Results 139% growth in revenue sets new record of $11.5 Million OTTAWA, CANADA--(Marketwire - Jan. 10, 2008) - DragonWave Inc. ("DragonWave"), (TSX:DWI)(AIM:DWI) a leading global supplier of next-generation wireless networks, today issued financial results for its third quarter of fiscal year 2008 ended November 30, 2007. All figures are prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are reported in Canadian dollars. Revenue for the third quarter was $11.5 million, compared with $4.8 million for the same period of the last fiscal year, an increase of 139%. Sequential growth from the second quarter of fiscal year 2008 was 17%. These results reflect another record for quarterly revenues. Revenue from customers in North America grew to $5.7 million, a 70% increase from the $3.4 million reported in the same quarter of fiscal year 2007. Revenue from outside North America grew to $5.8 million, up from $1.4 million in the same quarter of fiscal year 2007, representing an increase of 300% year-over-year. Gross margin for the third quarter was 39%, up 2% over the second quarter, and consistent with the third quarter of fiscal year 2007. For the third quarter fiscal year 2008, the loss from operations was $1.3 million, compared to a loss of $1.5 million in the third quarter of fiscal year 2007. Expenses increased from $3.4M to $5.8M due to increased staffing levels, sales and marketing activities required to support the growing international business, market driven R&D associated with major near term opportunities and the engineering activity to comply with local certification and approval processes. Net loss for the quarter was $1.2 million versus $2.5 million in Q3 fiscal 2007. "DragonWave made good progress during the quarter as we've continued to execute our strategy. We've seen very strong growth in all markets, but particularly outside North America, while continuing to improve our gross margins. We have captured another carrier class customer and we are seeing excellent traction for our Horizon product line. We continue to be well positioned as a leader in the high growth IP Ethernet based, high capacity wireless backhaul equipment market" said Peter Allen, President and CEO of DragonWave. The DragonWave management team will discuss the full results on a conference call to be held on January 11, 2008 at 8:30 a.m. eastern time (1:30 p.m. BST). 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/financialreports.asp. Conference Call Details: - Beginning at 8:30 a.m., EST, (1:30 p.m. BST) - Local call: 416-915-9040 - Toll free North American: 1-866-261-3038 - Toll free United Kingdom: 08-08-234-1382 A replay of the call will be made available at http://www.dragonwaveinc.com, through the Investor Relations portal. To review Management's Discussion and Analysis for the quarter, please go to www.sedar.com. About DragonWave DragonWave(TM) is a leading provider of high-capacity wireless Ethernet equipment used in emerging IP networks. DragonWave designs, develops, and markets carrier-grade microwave radio frequency networking equipment that wirelessly transmit broadband voice, video and other data. DragonWave's wireless Ethernet products, which are based on a native Ethernet platform, function as a wireless extension to an existing fibre-optic core telecommunications network. The principal application for DragonWave's products is the backhaul function in a wireless communications network. Additional applications for DragonWave's products include point-to-point transport in private networks, including municipal and enterprise networks. DragonWave's corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Middle East and North America. The company's Web site is http://www.dragonwaveinc.com FORWARD LOOKING STATEMENTS This release contains certain forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Forward-looking statements are based on the company's current expectations and assumptions that are subject to a variety of risks and uncertainties that are difficult to predict and that may be beyond DragonWave's control. Actual results could differ materially from those expressed in any forward-looking statements due to factors including the following: /T/ - DragonWave's growth is dependent on the development and growth of the market for broadband wireless access. - DragonWave faces intense competition from several competitors and if it does not compete effectively with these competitors, its revenues may not grow and could decline. DragonWave also faces competition from indirect competitors. - DragonWave's success depends on its ability to develop new products and enhance existing products. - DragonWave has a history of losses and cannot provide assurance that it will attain profitability. - If DragonWave is required to change its pricing models to compete successfully, its margins and operating results may be adversely affected. - DragonWave relies on a small number of customers for a large percentage of its revenue. - DragonWave's ability to sell products and services is dependent upon it establishing and maintaining relationships with channel partners. - DragonWave's quarterly revenue and operating results can be difficult to predict and can fluctuate substantially. - DragonWave has a lengthy and variable sales cycle. Additional risks which can also impact upon forward looking statements are identified in DragonWave's Annual Information Form which is available online at www.sedar.com. DragonWave assumes no obligation to update these forward-looking statements as a result of new information or future events. CONSOLIDATED INTERIM BALANCE SHEETS (Expressed in Cdn $000's) As at As at November 30, February 28, 2007 2007 $ $ ------------------------------------------------------------------ ------------------------------------------------------------------ (unaudited) ASSETS Current Cash and cash equivalents 6,338 1,334 Short term investments 34,436 - Accounts receivable 10,027 7,677 Other receivables 942 986 Inventory 7,806 6,898 Prepaid expenses 522 332 ------------------------------------------------------------------ Total current assets 60,071 17,227 ------------------------------------------------------------------ Deferred financing charges - 2,735 Property and equipment 2,197 578 ------------------------------------------------------------------ 2,197 3,313 ------------------------------------------------------------------ 62,268 20,540 ------------------------------------------------------------------ ------------------------------------------------------------------ LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) Current Line of credit 556 4,443 Accounts payable and accrued liabilities 9,574 8,647 Deferred revenue 1,520 630 Convertible debt - 13,020 ------------------------------------------------------------------ Total current liabilities 11,650 26,740 ------------------------------------------------------------------ Debt component of redeemable preferred shares - 18,004 ------------------------------------------------------------------ 11,650 44,744 ------------------------------------------------------------------ Commitments Shareholders' equity (deficiency) Capital stock 119,435 21,753 Contributed surplus 806 17,662 Deficit (69,623) (63,619) ------------------------------------------------------------------ Total shareholders' equity (deficiency) 50,618 (24,204) ------------------------------------------------------------------ 62,268 20,540 ------------------------------------------------------------------ ------------------------------------------------------------------ CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS, AND DEFICIT (Expressed in Cdn $000's except share and per share amounts) (unaudited) Three months ended Nine months ended November 30, November 30, November 30, November 30, 2007 2006 2007 2006 $ $ $ $ -------------------------------------------------------------------------- REVENUE 11,548 4,830 30,062 16,244 Cost of sales 7,016 2,939 18,894 10,858 -------------------------------------------------------------------------- Gross profit 4,532 1,891 11,168 5,386 -------------------------------------------------------------------------- EXPENSES Research and development 2,662 1,511 7,572 4,379 Selling and marketing 2,392 1,502 6,130 4,408 General and administrative 846 572 2,894 1,896 Investment tax credits (50) (244) (442) (625) -------------------------------------------------------------------------- 5,850 3,341 16,154 10,058 -------------------------------------------------------------------------- Loss from operations (1,318) (1,450) (4,986) (4,672) Interest income 350 - 655 - Interest expense (34) (75) (192) (183) Interest expense on debt component of redeemable preferred shares and convertible debt - (963) (500) (2,739) Amortization of deferred financing charges - (78) - (94) Gain on disposal of property and equipment 34 34 Foreign exchange loss (206) (16) (981) (403) -------------------------------------------------------------------------- Loss before income taxes (1,208) (2,548) (6,004) (8,057) -------------------------------------------------------------------------- Net loss and comprehensive loss (1,208) (2,548) (6,004) (8,057) -------------------------------------------------------------------------- Deficit, beginning of period (68,415) (58,404) (63,619) (52,895) -------------------------------------------------------------------------- Deficit, end of period (69,623) (60,952) (69,623) (60,952) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Loss per share Basic and fully diluted (0.04) (0.71) (0.27) (2.23) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Basic and diluted weighted average number of shares outstanding 27,646,025 3,610,491 22,063,836 3,617,737 -------------------------------------------------------------------------- -------------------------------------------------------------------------- CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Cdn $000's) (unaudited) Three months ended Nine months ended November 30, November 30, November 30, November 30, 2007 2006 2007 2006 $ $ $ $ -------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss (1,208) (2,548) (6,004) (8,057) Items not affecting cash: Amortization of property and equipment 159 124 366 398 Interest expense on debt component of preferred shares - 598 350 1,744 Amortization of deferred financing costs - 78 - 94 Interest expense on debt component of convertible debt - 365 150 995 Gain on disposal of property and equipment - (34) - (34) Stock-based compensation expense and other stock based awards 191 29 264 60 Unrealized foreign exchange loss 145 (82) 459 39 Accrued interest on fair value of short term investments (85) - (85) - Changes in non-cash working capital items (968) (481) 1,149 (281) -------------------------------------------------------------------------- Cash flows used in operating activities (1,766) (1,951) (3,351) (5,042) -------------------------------------------------------------------------- INVESTING ACTIVITIES Acquisition of property and equipment (678) (118) (1,985) (272) Proceeds on the disposal of property and equipment - 34 - 34 Increase in short term investments (34,351) - (34,351) - -------------------------------------------------------------------------- Cash flows used in investing activities (35,029) (84) (36,336) (238) -------------------------------------------------------------------------- FINANCING ACTIVITIES Repayment of capital lease obligations - - - (12) Repayment of line of credit (1,889) (916) (3,887) 161 Issuance of convertible debt - 3,000 - 3,000 Issuance of common stock net of stock issuance costs 22,103 - 49,037 - -------------------------------------------------------------------------- Cash flows provided by financing activities 20,214 2,084 45,150 3,149 -------------------------------------------------------------------------- Effect of foreign exchange on cash and cash equivalents (145) 82 (459) (39) Net increase (decrease) in cash and cash equivalents (16,726) 131 5,004 (2,170) Cash and cash equivalents at beginning of period 23,064 2,820 1,334 5,121 Cash and cash equivalents at end of period 6,338 2,951 6,338 2,951 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Cash paid during the period for: Interest 34 75 192 183 -------------------------------------------------------------------------- -------------------------------------------------------------------------- /T/ -30- FOR FURTHER INFORMATION PLEASE CONTACT: DragonWave Inc. Russell Frederick Chief Financial Officer 613-599-9991 ext. 2253 rfrederick@dragonwaveinc.com OR DragonWave Inc. Nadine Kittle Media Relations 613-599-9991 ext. 2262 nkittle@dragonwaveinc.com OR Canaccord Adams Limited Chris Bowman / Andrew Chubb 44 20 7050 6500 OR Weber Shandwick Financial John Moriarty Tel: 020 7067 0736 Mob: 07971 402224 jmoriarty@webershandwick.com SUBJECT: ERN DragonWave Inc.
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