DragonWave Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended August 31, 2012; Reports Impairment Charges for the Second Quarter Ended August 31, 2012; Announces Board Changes; Provides Revenue Guidance for the Third Quarter of Fiscal Year 2013
For the six months period, the company reported revenue of $57,131,000 compared to $24,676,000 a year ago. Loss before income taxes was $14,381,000 compared to $13,524,000 a year ago. Net loss was $13,809,000 compared to $12,223,000 a year ago. Net loss applicable to shareholders was $13,701,000 or $0.37 per basic and diluted share compared to $12,096,000 or $0.34 per basic and diluted share a year ago. Net cash used in operating activates was $7,832,000 compared to $17,425,000 a year ago. Acquisition of property and equipment was $1,123,000 compared to $669,000 a year ago. Acquisition of intangible assets was $629,000 compared to $403,000 a year ago.
For the second quarter, the company reported impairment of intangible assets was $1,148,000 compared to $8,315,000 a year ago.
The company announced that Gerry Spencer, chairman of the board, on October 10, 2012 is stepping down as a director for family reasons. Company director Claude Haw will become the new board chair. Claude has more than 30 years of experience in the technology and telecommunications industry. He first joined the DragonWave board in 2003.
The company expects revenue for the third quarter of fiscal year 2013 to be in the range of $43 million to $50 million.