UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report Of Foreign Private Issuer
Pursuant To Rule 13a-16 Or 15d-16 Of
The Securities Exchange Act Of 1934
FOR THE MONTH OF JUNE, 2012
COMMISSION FILE NUMBER: 001-34491
DRAGONWAVE INC.
(Translation of registrants name into English)
411 Legget Drive, Suite 600
Ottawa, Ontario, K2K 3C9
Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
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oForm 20-F |
xForm 40-F |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
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o Yes |
x No |
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
The following exhibit is issued by DragonWave Inc.
Exhibit Number |
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Description |
99.1 |
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Press release dated June 4, 2012 DragonWave Implements Structural Adjustments to Support Combined Business |
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.
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DRAGONWAVE INC. | |
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(Registrant) | |
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By: |
/s/ Russell Frederick |
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Name: |
Russell Frederick |
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Title: |
Chief Financial Officer |
Date: June 4, 2012
Exhibit 99.1
FOR IMMEDIATE RELEASE
DRAGONWAVE IMPLEMENTS STRUCTURAL ADJUSTMENTS TO SUPPORT COMBINED BUSINESS
Ottawa, Canada, June 4, 2012 - DragonWave Inc. (TSX: DWI, NASDAQ: DRWI) a leading global supplier of packet microwave radio systems for mobile and access networks, announced today that it has implemented several structural adjustments to reflect DragonWaves global integration plan for the recently-completed acquisition of Nokia Siemens Networks microwave transport business.
In order to better align costs with revenues, DragonWave will eliminate 68 positions from the companys workforce in Ottawa and Israel. DragonWave expects to save approximately US$6 million in annual operating expenses as a result of this staff reduction. DragonWave anticipates restructuring charges in the first quarter fiscal year 2013 as a result of the elimination of these positions to be approximately US$0.8 million, and a one-time cash usage in the second quarter of fiscal year 2013 of approximately US$1.5 million.
In order to support the anticipated increase in breadth of end-customers and volumes of shipments resulting from the combination of the DragonWave and Nokia Siemens Networks microwave businesses, DragonWave has established a distribution capability in Venray, Netherlands to complement its existing logistics capabilities in Ottawa and Penang, Malaysia.
In order to better support its expanded global footprint DragonWave is staffing new regional subsidiaries in Mexico and Brazil and will increase the staff levels in certain other regional offices. This global presence will augment the previously-announced services arrangement between DragonWave and Nokia Siemens Networks in Italy, and an interim services agreement between the same parties that has been entered into pending the completion of the acquisition of Nokia Siemens Networks microwave transport operations in China.
The thrust of the actions we have announced today is to position ourselves properly to serve our global customer set, to support our expanded product portfolio, to accelerate the rate of innovation, and to reduce costs, said Peter Allen, DragonWaves President and CEO.
Figures are in U.S. dollars and in accordance with U.S. generally accepted accounting principles.
About DragonWave
DragonWave is a leading provider of high-capacity microwave solutions that drive next-generation IP networks. DragonWaves carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWaves products is wireless network backhaul.
Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWaves corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America. For more information, visit http://www.dragonwaveinc.com.
DragonWave® and Horizon® are registered trademarks of DragonWave Inc.
Forward-Looking Information
Certain statements in this release, including the estimate of anticipated restructuring charges and cash usage provided above and the intended effects of DragonWaves global integration plan for its recently expanded microwave transport business, constitute forward-looking statements within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are preceded by words such as believe, expect, anticipate, estimate, plans, intends, will or similar expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to vary materially. Certain risks relating to the acquisition of Nokia Siemens Networks microwave transport business can be found in DragonWaves press release of June 1, 2012 and in DragonWaves Annual Information Form dated May 11, 2012. DragonWave assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Media Contacts
Nadine Kittle |
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John Lawlor |
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Becky Obbema |
Marketing Communications |
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VP Investor Relations |
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Interprose Public Relations |
DragonWave Inc. |
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DragonWave Inc. |
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(for DragonWave) |
nkittle@dragonwaveinc.com |
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jlawlor@dragonwaveinc.com |
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becky.obbema@interprosepr.com |
Tel: +1 613 599 9991 ext 2262 |
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Tel: +1 613 895 7000 |
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Tel: +1 408 778 2024 |