DragonWave Net Loss Drops Slightly - Expects Profitability by 2010

Published on: 8th May 2009

WiMAX vendor, DragonWave has reported that revenue for the year end February 28, 2009 was CA$43.3 million as compared to CA$40.4 million in the previous year, a growth of 7%. Q4 FY09 revenue was CA$11.3 million which compares to CA$10.3 million in the same quarter of the previous year and CA$10.7 million in Q3 of FY2009.

For the fiscal year 2009, the loss from operations was CA$11.1 million, compared to a loss of CA$7.2 million in fiscal year 2008. Expenses increased to CA$25.8 million compared to CA$22.6 million in the prior year. The net loss for the year was CA$6 million versus CA$8.3 million in fiscal 2008.

"We are pleased with the position that we are in and the prospects for DragonWave in FY2010" said Peter Allen, President and Chief Executive Officer.

The company said that Q1 of FY2010 is expected to show sequential quarterly revenue growth over Q4 of FY2009, and that revenue growth will allow the firm to operate profitably overall for FY2010 and that this will begin later this year.

"DragonWave's results for the year showed the company's ability to grow revenue, attract new customers, and achieve more traction with Service Providers despite the difficulties in the worldwide financial markets. I am particularly pleased with our current positioning as we go forward in the current fiscal year" said Peter Allen.

 

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