FOR IMMEDIATE RELEASE
CONTACT: | |
Press Inquiries | Investor Inquiries |
Lucia Graziano | Andrew Kramer |
Public Relations | Investor Relations |
Sycamore Networks, Inc. | Sycamore Networks, Inc. |
978-250-3447 | 978-367-7368 |
lucia.graziano@sycamorenet.com | andy.kramer@sycamorenet.com |
April 26, 2003 | July 31, 2002 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 237,444 | $ | 172,658 | |||||||||||
Short-term investments | 320,762 | 509,350 | |||||||||||||
Accounts receivable, net | 11,275 | 18,187 | |||||||||||||
Inventories | 6,928 | 12,940 | |||||||||||||
Prepaids and other current assets | 4,567 | 3,447 | |||||||||||||
Total current assets | 580,976 | 716,582 | |||||||||||||
Property and equipment, net | 17,025 | 32,696 | |||||||||||||
Long-term investments | 446,791 | 361,537 | |||||||||||||
Other assets | 3,331 | 7,760 | |||||||||||||
Total Assets | $ | 1,048,123 | $ | 1,118,575 | |||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deferred revenue | $ | 3,988 | $ | 4,978 | |||||||||||
Other current liabilities | 18,140 | 26,907 | |||||||||||||
Restructuring liabilities | 24,905 | 48,167 | |||||||||||||
Total current liabilities | 47,033 | 80,052 | |||||||||||||
Common stock | 272 | 274 | |||||||||||||
Additional paid-in capital | 1,733,768 | 1,732,846 | |||||||||||||
Accumulated deficit | (726,459) | (681,086) | |||||||||||||
Other equity | (6,491) | (13,511) | |||||||||||||
Total stockholders' equity | 1,001,090 | 1,038,523 | |||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,048,123 | $ | 1,118,575 | |||||||||||
Sycamore Networks, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
April 26, 2003 | April 27, 2002 | April 26, 2003 | April 27, 2002 | |||||||||||||||||
Revenue | $ | 10,601 | $ | 13,582 | $ | 27,364 | $ | 56,625 | ||||||||||||
Cost of revenue | 8,702 | 3,050 | 26,432 | 145,064 | ||||||||||||||||
Stock-based compensation | 341 | 441 | 1,054 | 1,393 | ||||||||||||||||
Gross profit (loss) | 1,558 | 10,091 | (122 | ) | (89,832 | ) | ||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 12,678 | 25,541 | 40,027 | 88,035 | ||||||||||||||||
Sales and marketing | 4,883 | 8,870 | 14,891 | 33,948 | ||||||||||||||||
General and administrative | 1,852 | 2,183 | 5,260 | 7,987 | ||||||||||||||||
Stock-based compensation | 1,656 | 5,101 | 5,420 | 18,009 | ||||||||||||||||
Payroll tax on stock option exercises | 2 | 4 | 17 | 19 | ||||||||||||||||
Restructuring charges and related asset | ||||||||||||||||||||
impairments | (2,193 | ) | -- | (2,193 | ) | 77,306 | ||||||||||||||
Total operating expenses | 18,878 | 41,699 | 63,422 | 225,304 | ||||||||||||||||
Loss from operations | (17,320 | ) | (31,608 | ) | (63,544 | ) | (315,136 | ) | ||||||||||||
Losses on investments | -- | -- | -- | (22,737 | ) | |||||||||||||||
Interest and other income, net | 5,426 | 8,765 | 18,171 | 31,746 | ||||||||||||||||
Net loss | $ | (11,894 | ) | $ | (22,843 | ) | $ | (45,373 | ) | $ | (306,127 | ) | ||||||||
Diluted net loss per share | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.17 | ) | $ | (1.21 | ) | ||||||||
Weighted average shares used in computing | ||||||||||||||||||||
diluted net loss per share | 266,638 | 256,468 | 264,640 | 252,877 |
Sycamore Networks, Inc.
Unaudited Pro Forma Consolidated Statements of Operations
See pro forma adjustments listed in table below
(in thousands, except per share data)
Three Months Ended | Nine Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
April 26, 2003 | April 27, 2002 | April 26, 2003 | April 27, 2002 | |||||||||||||||||
Revenue | $ | 10,601 | $ | 13,582 | $ | 27,364 | $ | 56,625 | ||||||||||||
Cost of revenue | 8,702 | 12,088 | 26,432 | 51,670 | ||||||||||||||||
Gross profit | 1,899 | 1,494 | 932 | 4,955 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | 12,678 | 25,541 | 40,027 | 88,035 | ||||||||||||||||
Sales and marketing | 4,883 | 8,870 | 14,891 | 33,948 | ||||||||||||||||
General and administrative | 1,852 | 2,183 | 5,260 | 7,987 | ||||||||||||||||
Total operating expenses | 19,413 | 36,594 | 60,178 | 129,970 | ||||||||||||||||
Loss from operations | (17,514 | ) | (35,100 | ) | (59,246 | ) | (125,015 | ) | ||||||||||||
Interest and other income, net | 5,426 | 8,765 | 18,171 | 31,746 | ||||||||||||||||
Net loss | $ | (12,088 | ) | $ | (26,335 | ) | $ | (41,075 | ) | $ | (93,269 | ) | ||||||||
Diluted net loss per share | $ | (0.05 | ) | $ | (0.10 | ) | $ | (0.16 | ) | $ | (0.37 | ) | ||||||||
Weighted average shares used in computing | ||||||||||||||||||||
diluted net loss per share | 266,638 | 256,468 | 264,640 | 252,877 | ||||||||||||||||
The results above are pro forma and have been | ||||||||||||||||||||
adjusted to exclude the following items: | ||||||||||||||||||||
Stock-based compensation included in gross | ||||||||||||||||||||
profit | $ | 341 | $ | 441 | $ | 1,054 | $ | 1,393 | ||||||||||||
Stock-based compensation included in | ||||||||||||||||||||
operating expenses | 1,656 | 5,101 | 5,420 | 18,009 | ||||||||||||||||
Payroll tax on stock option exercises | 2 | 4 | 17 | 19 | ||||||||||||||||
Restructuring charges and related asset | ||||||||||||||||||||
impairments (benefit) | (2,193 | ) | -- | (2,193 | ) | 77,306 | ||||||||||||||
Excess inventory charge (benefit) | -- | (9,038 | ) | -- | 93,394 | |||||||||||||||
Losses on investments | -- | -- | -- | 22,737 | ||||||||||||||||
$ | (194 | ) | $ | (3,492 | ) | $ | 4,298 | $ | 212,858 | |||||||||||