0001193125-11-149689.txt : 20110525 0001193125-11-149689.hdr.sgml : 20110525 20110525071131 ACCESSION NUMBER: 0001193125-11-149689 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110525 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110525 DATE AS OF CHANGE: 20110525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYCAMORE NETWORKS INC CENTRAL INDEX KEY: 0001092367 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 043410558 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27273 FILM NUMBER: 11869546 BUSINESS ADDRESS: STREET 1: 220 MILL ROAD CITY: CHELMSFORD STATE: MA ZIP: 01824 BUSINESS PHONE: 9782502900 MAIL ADDRESS: STREET 1: 220 MILL ROAD CITY: CHELMSFORD STATE: MA ZIP: 01824 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

May 25, 2011

Date of Report (Date of earliest event reported)

 

 

SYCAMORE NETWORKS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   000-27273   04-3410558

(State or other jurisdiction

of incorporation)

 

(Commission

file number)

 

(IRS Employer

Identification No.)

220 Mill Road

Chelmsford, MA 01824

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (978) 250-2900

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02: Results of Operations and Financial Condition.

On May 25, 2011, the Registrant reported its financial results for the third quarter ended April 30, 2011.

A copy of the press release issued by the Registrant with respect to the foregoing is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

The Registrant provides non-GAAP financial data in addition to providing financial results in accordance with generally accepted accounting principles (“GAAP”). These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. The reconciliation between the GAAP basis and the non-GAAP basis financial data is provided in a table immediately following the Unaudited Consolidated Statements of Operations included with Exhibit 99.1. The Registrant believes that the items excluded from the non-GAAP results have one or more of the following characteristics: their magnitude and timing are largely outside of the Registrant’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual, and the Registrant does not expect them to occur in the ordinary course of business; or they are non-operational, non-cash expenses involving equity grants.

The non-GAAP financial data is provided to enhance the reader’s overall understanding of the Registrant’s current financial performance and its prospects for the future. Specifically, the Registrant believes the non-GAAP results provide useful information to both management and investors by excluding certain expense and income items that the Registrant believes are not indicative of the Registrant’s core operating results. In addition, since the Registrant has historically reported non-GAAP results to the investment community, the Registrant believes the inclusion of non-GAAP numbers provides consistency in its financial reporting. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. The non-GAAP financial data should be considered in addition to, not as a substitute for or a more appropriate indicator of, operating results, cash flows, or other measures of financial performance prepared in accordance with GAAP.

The information contained herein and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing. The information in this report, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.


Item 9.01: Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

  

Description

99.1    Press Release of the Registrant, dated May 25, 2011


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Sycamore Networks, Inc.

 

/s/ Paul F. Brauneis

Paul F. Brauneis

Chief Financial Officer

Vice President, Finance and Administration and Treasurer
(Duly Authorized Officer and Principal
Financial and Accounting Officer)

 

Dated: May 25, 2011

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

 

CONTACT:  
Robert Travis   Scott Larson
Investor Relations   Press Inquiries
Sycamore Networks, Inc.   Sycamore Networks, Inc.
978-250-3432   978-250-3433
bob.travis@sycamorenet.com   scott.larson@sycamorenet.com

SYCAMORE NETWORKS, INC. REPORTS THIRD QUARTER FISCAL YEAR

2011 FINANCIAL RESULTS

CHELMSFORD, Mass., May 25, 2011 – Sycamore Networks, Inc. (NASDAQ: SCMR), today reported its results for the third quarter ended April 30, 2011. Revenue for the third quarter of fiscal 2011 was $11.9 million, compared with $14.6 million for the third quarter of fiscal 2010. Revenue for the first nine months of fiscal 2011 was $35.7 million, compared with $46.4 million for the first nine months of fiscal 2010.

Net loss for the third quarter of fiscal 2011, on a generally accepted accounting principles (“GAAP”) basis, was $4.1 million, or $0.14 per share, compared with a GAAP net loss of $3.7 million, or $0.13 per share for the third quarter of fiscal 2010. Non-GAAP net loss for the third quarter of fiscal 2011 was $3.4 million, or $0.12 per share, compared with non-GAAP net loss of $2.4 million, or $0.09 per share for the third quarter of fiscal 2010. The reconciliation between net loss on a GAAP basis and net loss on a non-GAAP basis is provided in a table immediately following the Unaudited Non-GAAP Consolidated Statements of Operations included with this release.

Net loss for the first nine months of fiscal 2011, on a GAAP basis, was $14.2 million or $0.50 per share, compared with GAAP net loss of $15.3 million or $0.54 per share for the first nine months of fiscal 2010. Non-GAAP net loss for the first nine months of fiscal 2011 was $12.2 million, or $0.43 per share, compared with non-GAAP net loss of $6.1 million, or $0.21 per share for the first nine months of fiscal 2010. The reconciliation between net loss on a GAAP basis and net loss on a non-GAAP basis is provided in a table immediately following the Unaudited Non-GAAP Consolidated Statements of Operations included with this release.

“Our Q3 revenue reflects market conditions in our bandwidth management business,” said Daniel E. Smith, president and chief executive officer. “During the quarter we made IQstream generally available, as expected. We continue to make progress with our trials and remain excited about the opportunities for our solution in the mobile broadband optimization market space. Operator interest in our solution remains high, and we are actively pursuing opportunities in additional market regions through our business development efforts and customer initiatives.”


About Sycamore Networks

Sycamore Networks, Inc. (NASDAQ: SCMR) develops and markets intelligent bandwidth management solutions for fixed line and mobile network operators worldwide. We also develop and market a mobile broadband solution designed to help mobile operators reduce congestion in mobile access networks. Sycamore products enable network operators to efficiently and cost-effectively provision and manage network capacity to support a wide range of converged services such as voice, video and data. Our global customer base includes Tier 1 service providers, government agencies, and utility companies. For more information, please visit www.sycamorenet.com.

Use of Non-GAAP Financial Measures

The Company provides non-GAAP financial data in addition to providing financial results in accordance with generally accepted accounting principles (GAAP). These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. The Company believes that the items excluded from the non-GAAP results have one or more of the following characteristics: their magnitude and timing are largely outside of the Company’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual, and the Company does not expect them to occur in the ordinary course of business; or they are non-operational, non-cash expenses involving stock option grants.

The non-GAAP financial data is provided to enhance the reader’s overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by excluding certain expense and income items that the Company believes are not indicative of the Company’s core operating results. In addition, since the Company has historically reported non-GAAP results to the investment community, the Company believes the inclusion of non-GAAP numbers provides consistency in its financial reporting. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. The non-GAAP financial data should be considered in addition to, not as a substitute for or a more appropriate indicator of, operating results, cash flows, or other measures of financial performance prepared in accordance with GAAP.

We wish to caution you that certain matters discussed in this news release may constitute forward-looking statements regarding future events that involve risks and uncertainties. Risks and uncertainties in the Company’s business include, but are not limited to, reliance on a limited number of customers; industry pricing pressures; the Company’s decision to focus future development efforts on mobile broadband opportunities; the high cost of product development and keeping pace with evolving features and technologies desired by customers; unexpected difficulties in developing and marketing new mobile broadband products and the inability of new products to achieve market acceptance or to function as expected; the consolidation of both suppliers and customers in the telecommunications marketplace; and general economic conditions. Certain additional risks are set forth in more detail in the section entitled “Risk Factors” in the Company’s reports filed on Forms 10-Q and 10-K with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.


Sycamore Networks, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 

     April 30, 2011     July 31, 2010  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 101,727      $ 104,416   

Short-term investments

     306,041        450,722   

Accounts receivable, net

     6,873        14,168   

Inventories

     11,661        11,175   

Prepaids and other current assets

     1,911        1,873   
                

Total current assets

     428,213        582,354   

Property and equipment, net

     5,658        6,569   

Long-term investments

     34,731        81,739   

Other assets

     373        358   
                

Total Assets

   $ 468,975      $ 671,020   
                

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Deferred revenue

   $ 7,403      $ 10,930   

Other current liabilities

     7,245        10,455   
                

Total current liabilities

     14,648        21,385   

Long term deferred revenue

     2,410        3,918   

Long term liability

     1,689        1,714   
                

Total liabilities

     18,747        27,017   
                

Common stock

     29        28   

Additional paid-in capital

     1,580,747        1,759,520   

Accumulated deficit

     (1,130,340     (1,116,160

Other equity

     (208     615   
                

Total stockholders’ equity

     450,228        644,003   
                

Total Liabilities and Stockholders’ Equity

   $ 468,975      $ 671,020   
                


Sycamore Networks, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except per share data)

 

     Three Months Ended     Nine Months Ended  
     Apr 30,
2011
    Apr 24,
2010
    Apr 30,
2011
    Apr 24,
2010
 

Revenue

   $ 11,863      $ 14,587      $ 35,729      $ 46,385   

Cost of revenue

     4,881        6,057        16,883        20,783   
                                

Gross profit

     6,982        8,530        18,846        25,602   

Operating expenses:

        

Research and development

     6,434        7,783        19,984        24,216   

Sales and marketing

     2,898        2,729        8,141        8,073   

General and administrative

     2,106        2,221        6,262        6,973   

Restructuring expense

     —          510        —          5,650   

Asset impairment

     —          —          —          1,076   
                                

Total operating expenses

     11,438        13,243        34,387        45,988   
                                

Loss from operations

     (4,456     (4,713     (15,541     (20,386

Interest and other income, net

     400        1,108        1,638        4,569   
                                

Loss before income taxes

     (4,056     (3,605     (13,903     (15,817

Income tax expense (benefit)

     80        116        277        (491
                                

Net loss

   $ (4,136   $ (3,721   $ (14,180   $ (15,326
                                

Net loss per share:

        

Basic

   $ (0.14   $ (0.13   $ (0.50   $ (0.54

Diluted

   $ (0.14   $ (0.13   $ (0.50   $ (0.54

Weighted average shares outstanding:

        

Basic

     28,593        28,424        28,525        28,420   

Diluted

     28,593        28,424        28,525        28,420   


Sycamore Networks, Inc.

Unaudited Non-GAAP Consolidated Statements of Operations

(in thousands, except per share data)

 

     Three Months Ended     Nine Months Ended  
     Apr 30,
2011
    Apr 24,
2010
    Apr 30,
2011
    Apr 24,
2010
 

Revenue

   $ 11,863      $ 14,587      $ 35,729      $ 46,385   

Cost of revenue

     4,766        5,936        16,248        20,343   
                                

Gross profit

     7,097        8,651        19,481        26,042   

Operating expenses:

        

Research and development

     6,179        7,543        19,522        23,387   

Sales and marketing

     2,713        2,502        7,678        7,392   

General and administrative

     1,903        2,034        5,803        6,408   
                                

Total operating expenses

     10,795        12,079        33,003        37,187   
                                

Loss from operations

     (3,698     (3,428     (13,522     (11,145

Interest and other income, net

     400        1,108        1,638        4,569   
                                

Loss before income taxes

     (3,298     (2,320     (11,884     (6,576

Income tax expense (benefit)

     80        116        277        (491
                                

Net loss

   $ (3,378   $ (2,436   $ (12,161   $ (6,085
                                

Net loss per share:

        

Basic

   $ (0.12   $ (0.09   $ (0.43   $ (0.21

Diluted

   $ (0.12   $ (0.09   $ (0.43   $ (0.21

Weighted average shares outstanding:

        

Basic

     28,593        28,424        28,525        28,420   

Diluted

     28,593        28,424        28,525        28,420   


Sycamore Networks, Inc.

Reconciliation of GAAP to Non-GAAP Net Loss

(in thousands, except per share data)

 

     Three Months Ended     Nine Months Ended  
     Apr 30,
2011
    Apr 24,
2010
    Apr 30,
2011
    Apr 24,
2010
 

GAAP net loss

   $ (4,136   $ (3,721   $ (14,180   $ (15,326
                                

Stock-based compensation expense:

        

Cost of revenue

     115        126        296        381   

Research and development

     255        240        462        829   

Sales and marketing

     185        227        463        681   

General and administrative

     203        187        459        565   
                                

Total stock based compensation expense

     758        780        1,680        2,456   

Asset impairment charge:

        

Operating expense

     —          —          —          1,076   

Restructuring and other asset impairments:

        

Operating expense

     —          510        —          5,650   

Cost of revenue

     —          (5     339        59   
                                

Non-GAAP net loss

   $ (3,378   $ (2,436   $ (12,161   $ (6,085
                                
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