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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
FOR: DRAGONWAVE INC. AIM, TSX SYMBOL: DWI May 7, 2008 Dragonwave Announces Fiscal 2008 Results 67% growth in revenue to $40.4 Million for FY2008 OTTAWA, CANADA--(Marketwire - May 7, 2008) - DragonWave Inc. ("DragonWave"), (TSX:DWI)(AIM:DWI) a leading global supplier of next-generation wireless networks, today issued financial results for fiscal year 2008 ended February 29, 2008. All figures are prepared in accordance with Canadian generally accepted accounting principles (GAAP) and are reported in Canadian dollars. Revenue for the year was $40.4 million, compared with $24.2 million for the same period of the last fiscal year, an increase of 67%. Revenue from customers in North America grew to $28.1million, a 45% increase from the $19.4 million reported in fiscal year 2007. Revenue from outside North America grew to $12.3 million, up from $4.8 million in fiscal year 2007, representing an increase of 160% year-over-year. Gross margin for the year was 38%, up 5% from 33% gross margin reported in fiscal 2007. Gross margin for Q4 fiscal year 2008 was 41% up 2% sequentially from Q3 fiscal 2008 and up 7% from Q4 fiscal 2007. For the fiscal year 2008, the loss from operations was $7.2 million, compared to a loss of $5.9 million in fiscal year 2007. Expenses increased from $13.9 million to $22.6 million 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 year was $8.3 million versus $10.7 million in fiscal 2007. "DragonWave made good progress during the year 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 50 new customers 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 results on a conference call May 8, 2008 at 8:30 a.m. Eastern time (1:30 GMT). 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: - Beginning at 8:30 a.m., EDT - Local call: 416-883-0139 - Toll free North American: 1-888-458-1598 - Toll free United Kingdom: 00-800-8358-7111 - Participant Pass Code: 88802# 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. 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 hhttp://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: - DragonWave's growth is dependent on the development and growth of the market forbroadband 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. /T/ CONSOLIDATED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT (Expressed in Cdn $000's except share and per share amounts) For the For the year ended year ended February 29, February 28, 2008 2007 $ $ -------------------------------------------------------------------------- -------------------------------------------------------------------------- REVENUE 40,404 24,170 Cost of sales 24,980 16,124 -------------------------------------------------------------------------- Gross profit 15,424 8,046 -------------------------------------------------------------------------- EXPENSES Research and development 10,378 6,107 Selling and marketing 8,858 5,983 General and administrative 3,885 2,554 Investment tax credits (492) (739) -------------------------------------------------------------------------- 22,629 13,905 -------------------------------------------------------------------------- Loss from operations (7,205) (5,859) Interest income 1,109 - Interest expense (203) (492) Interest expense on debt component of redeemable Amortization of deferred debt (500) (3,610) Amortization of deferred financing charges - (100) Gain on disposal of property and equipment - 34 Patent Fee - (435) Foreign exchange loss (1,453) (262) -------------------------------------------------------------------------- Loss before income taxes (8,252) (10,724) Income taxes - - -------------------------------------------------------------------------- Net loss and comprehensive loss (8,252) (10,724) Deficit, beginning of year (63,619) (52,895) -------------------------------------------------------------------------- Deficit, end of year (71,871) (63,619) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Loss per share Basic and fully diluted (0.35) (2.96) -------------------------------------------------------------------------- Basic and diluted weighted average number of shares outstanding 23,448,504 3,615,466 -------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS (Expressed in Cdn $000's) As at As at February 29, February 28, 2008 2007 $ $ ------------------------------------------------------------------- ASSETS Current Cash and cash equivalents 1,551 1,334 Short Term Investments 31,908 - Accounts receivable 11,433 7,677 Other receivables 1,092 986 Inventory 10,584 6,898 Prepaid expenses 424 332 ------------------------------------------------------------------- Total current assets 56,992 17,227 ------------------------------------------------------------------- Deferred financing charges - 2,735 Property and equipment 2,823 578 ------------------------------------------------------------------- 2,823 3,313 ------------------------------------------------------------------- 59,815 20,540 ------------------------------------------------------------------- ------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) Current Line of credit 550 4,443 Accounts payable and accrued liabilities 9,055 8,647 Deferred revenue 1,713 630 Convertible debt - 13,020 ------------------------------------------------------------------- Total current liabilities 11,318 26,740 ------------------------------------------------------------------- Debt component of redeemable preferred shares - 18,004 ------------------------------------------------------------------- 11,318 44,744 ------------------------------------------------------------------- Commitments Shareholders' equity (deficiency) Capital stock 119,435 21,753 Contributed surplus 933 17,662 Deficit (71,871) (63,619) ------------------------------------------------------------------- Total shareholders' equity (deficiency) 48,497 (24,204) ------------------------------------------------------------------- 59,815 20,540 ------------------------------------------------------------------- STATEMENTS OF CASH FLOWS (Expressed in Cdn $000's except share and per share amounts) For the For the year ended year ended February 29, February 28, 2008 2007 $ $ -------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss (8,252) (10,724) Items not affecting cash: Amortization of property and equipment 563 511 Interest expense on debt component of preferred shares 350 2,348 Amortization of deferred financing costs - 100 Interest expense on debt component of convertible debt 150 1,262 Gain on disposal of property and equipment - (34) Stock-based compensation expense 327 92 Warrant expense 64 239 Unrealized foreign exchange loss 573 1 Accrued interest on fair value of short term investments (534) Changes in non-cash working capital items (3,420) (1,960) -------------------------------------------------------------------------- Cash flows used in operating activities (10,179) (8,165) -------------------------------------------------------------------------- INVESTING ACTIVITIES Acquisition of property and equipment (2,808) (334) Proceeds on the disposal of property and equipment - 34 Purchase of short term investments (31,374) - -------------------------------------------------------------------------- Cash flows used in investing activities (34,182) (300) -------------------------------------------------------------------------- FINANCING ACTIVITIES Repayment of capital lease obligations - (12) Repayment of line of credit (3,893) 1,691 Issuance of convertible debt - 3,000 Issuance of common stock net of stock issuance costs 49,043 - -------------------------------------------------------------------------- Cash flows provided by financing activities 45,150 4,679 -------------------------------------------------------------------------- Effect of foreign exchange on cash and cash equivalents (572) (1) Net increase (decrease) in cash and cash equivalents 217 (3,787) Cash and cash equivalents at beginning of period 1,334 5,121 Cash and cash equivalents at end of period 1,551 1,334 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Cash paid during the period for: Interest 203 253 -------------------------------------------------------------------------- /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. Bruce Chick Director, Investor Relations 613-599-9991 ext. 2517 bchick@dragonwaveinc.com OR Canaccord Adams Limited Andrew Chubb 44 20 7050 6500 DragonWave Inc.
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