DragonWave Inc. reported consolidated earnings results for the third quarter and nine months ended November 30, 2012. For the quarter, the company's revenue was $38.5 million, compared with $11.8 million in the third quarter of fiscal year 2012 and $44.2 million in the second quarter of fiscal year 2013. Loss before income taxes was $13,873,000 against $8,215,000 a year ago. Net loss applicable to shareholders was $13.9 million or $0.36 per basic and diluted share, against $8.0 million or $0.23 per basic and diluted share in the third quarter of fiscal year 2012. Net cash used in operating activities was $6,164,000 against $10,955,000 a year ago. Acquisition of property and equipment was $462,000 against $274,000 a year ago. Acquisition of intangible assets was $411,000 against $91,000 a year ago.

For the nine months, the company's revenue was $95.6 million compared with $36.5 million for the first nine months of 2012. Loss before income taxes was $28,254,000 against $21,739,000 a year ago. Net loss applicable to shareholders was $27.6 million or $0.74 per basic and diluted share, compared with $20.1 million or $0.57 per basic and diluted share for the first nine months of fiscal 2012. Net cash used in operating activities was $13,996,000 against $28,314,000 a year ago. Acquisition of property and equipment was $1,585,000 against $943,000 a year ago. Acquisition of intangible assets was $1,040,000 against $494,000 a year ago.

The company expects revenue for the fourth quarter of fiscal year 2013 to be in the range of $40 million to $45 million.

For the quarter, the company's impairment of intangible assets was $4,407,000.