Tuesday, May 5, 2009

Occam Networks Announces First-Quarter 2009 Results

Occam Networks reported Q1 revenue of $19.4 million, compared with revenue of $19.7 million for the same period a year ago, and revenue of $31.7 million for the fourth quarter of 2008.

Gross margin for the first quarter was $8.2 million, or 42% of revenue, compared with $8.4 million, or 43% of revenue for the first quarter of 2008. There was a GAAP net loss of $3.0 million, or $0.15 per basic share.

"During the first quarter, we experienced a continuing slowdown in customer orders," said Bob Howard-Anderson, president and CEO of Occam. "This weakness reflects the current economic conditions, as well as a delay effect while our customers evaluate the timing and availability of potential government broadband stimulus funds. We are focused on managing our expenses through this period and, as a result, are planning a workforce reduction of approximately 10 percent to help contain costs. While business conditions may be difficult in the near-term, we remain confident in our longer-term opportunity," he said.

The company currently expects revenue for the second quarter of 2009 to approximate first-quarter 2009 revenue.

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