Wednesday, May 7, 2008

Occam Networks Posts Q1 Revenue of $19.7 Million

Occam Networks reported Q1 2008 revenue of $19.7 million, up 4 percent from the same quarter last year and down 8 percent compared with the prior quarter, reflecting first-quarter seasonality. Net loss (GAAP), was $4.5 million, or a loss of $0.23 per basic share, compared with a $4.6 million net loss or $0.23 per basic share for the fourth quarter of 2007 and with net income of $29,000, or $0.00 per basic share, for the first quarter of 2007. The GAAP net loss for the first quarter of 2008 included a write-down of $0.9 million for the divestiture of certain legacy activities associated with the company's purchase of certain Terawave assets during the fourth quarter of 2007.

"We continued to focus on our strategic goals during Q1, chief among these is returning to profitability," said Bob Howard-Anderson, president and CEO of Occam Networks. "An important strategic development for Occam during the first quarter was the announcement that FairPoint Communications, the eighth largest telco in the U.S., has selected Occam to be its lead access-equipment provider for a major broadband initiative in northern New England. "