DragonWave Reports First Quarter Fiscal Year 2018 Results

DragonWave (TSX:DRW) has announced financial results for the first quarter of fiscal year 2018.

As quoted in the press release:

Revenue for the first quarter of fiscal year 2018 was $9.0 million, compared with $8.0 million in the fourth quarter of fiscal year 2017.

Gross profit before inventory provisions was 27.8% in the first quarter of fiscal year 2018, compared to 22.3% in the fourth quarter of fiscal year 2017. There was no inventory provision taken in the first quarter of fiscal year 2018, while there was a $0.4 million inventory provision taken in the fourth quarter of fiscal year 2017.

See “Non-GAAP Financial Measures” below for the most directly comparable measure to gross profit before inventory provisions when calculated in accordance with GAAP and presented in DragonWave’s financial statements.

Operating expenses in the first quarter of the current fiscal year decreased to $6.6 million from $6.7 million in the fourth quarter of fiscal year 2017.

Net loss attributable to shareholders in the first quarter of fiscal year 2018 was ($4.3) million or ($0.52) per basic and diluted share. This compares to a net loss attributable to shareholders of ($3.9) million or ($0.60) per basic and diluted share in the fourth quarter of fiscal year 2017.

“At the end of May we communicated that we had engaged Alvarez & Marcel Canada ULC to advise us with the identification and assessment of strategic alternatives in relation to short term liquidity and difficult operating conditions.” said DragonWave President & CEO Peter Allen, “We are pursuing what has emerged from this work, and expect to be able to report on the forward plan in the near term.”

Cash and cash equivalents totaled $3.9 million at the end of the first quarter of fiscal year 2018, compared to $4.1 million at the end of the fourth quarter of fiscal year 2017.

Click here to read the full press release.

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