DragonWave Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended February 28, 2015; Provides Revenue Guidance for the First Quarter and Full Year of Fiscal 2016
For the quarter, revenue was $43.7 million compared to $17.9 million last year. Loss before other items was $2.8 million compared to $9.2 million last year. Net loss before income taxes was $2.5 million compared to $11.3 million last year. Net loss applicable to shareholders was $2.3 million or $0.03 per basic and diluted share compared to $11.6 million or $0.20 per basic and diluted share last year. Results were within $1 million of break-even adjusted cashflow from operations, despite uneven timing of equipment orders and installation services revenue. The company shown improved trend in adjusted cash flow from operations or adjusted EBITDA. The company ended the fourth quarter with $23.7 million of cash compared to $29.5 million at the end of the third quarter. The company reduced itd adjusted cash usage from operations to $0.9 million from the adjusted cash usage in the third quarter of $3.4 million.
The company expects double-digit year-over-year revenue growth in fiscal 2016 and the strongest contribution to revenue growth in fiscal 2016 is expected to come from expanding direct business with current and new Tier one mobile operators.
Within this the company expects revenue in the first quarter of fiscal 2016 to be in the $30 million to $33 million range.