Wednesday, November 4, 2009

Occam Posts Q3 Revenue of $21.7 million

Occam Networks reported Q3 revenue of $21.7 million, compared with revenue of $25.1 million for the same period a year ago and with revenue of $21.0 million for the second quarter of 2009. Third-quarter 2009 revenue reflected the impact of a revenue deferral of $1.3 million of some shipments due to the bankruptcy filing by FairPoint Communications on October 26, 2009. FairPoint has announced that it will continue operations uninterrupted during this process and Occam expects to supply product during the company's post-petition period.

As reported under U.S. generally accepted accounting principles (GAAP) and including a previously announced $1.7 million charge related to a settlement of a stockholder class action lawsuit, initially filed on April 26, 2007, net loss attributable to common stockholders for the third quarter of 2009 was $2.6 million, or a loss of $0.13 per basic share, compared with a net loss of $659,000, or a loss of $0.03 per basic share, for the comparable period a year ago. Second-quarter 2009 net loss was $2.4 million, or a loss of $0.12 per basic share.

"Despite the revenue deferral from FairPoint, we were encouraged by higher shipments overall, due to an increase in the order rate by customers during the quarter," said Bob Howard-Anderson, president and CEO of Occam. "In addition, our bottom-line results reflected the steps we have taken in recent months to reduce total operating expenses.

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