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In a release dated September 14, the company stated:
- Revenue for the fourth quarter of fiscal 2009 was $17.2 million, compared with $15.1 million for the fourth quarter of fiscal 2008. Revenue for fiscal 2009 was $67.4 million compared with $115.5 million for fiscal 2008.
- Net loss for the fourth quarter of fiscal 2009, on a generally accepted accounting principles ("GAAP") basis, was $34.9 million, or $0.12 per share, compared with a GAAP net loss of $14.1 million, or $0.05 per share for the fourth quarter of fiscal 2008. Net loss for fiscal 2009, on a GAAP basis, was $53.6 million or $0.19 per share, compared with a GAAP net loss of $0.1 million or $0.00 per share for fiscal 2008. GAAP results include non-cash charges for asset impairments, stock-based compensation and amortization of intangible assets as well as cash-based restructuring costs.
- The impairment charge included in the GAAP net loss for the fourth quarter and fiscal 2009 periods is $24.2 million, of which $23.1 million relates to the total book value of goodwill and other intangible assets and $1.1 million to certain fixed assets. The charge results from an impairment assessment and valuation taking into consideration several market and economic factors. The charge has no impact on the company's business operations or on its current or future cash flows.
- Non-GAAP net loss for the fourth quarter of fiscal 2009 was $6.5 million, or $0.02 per share, compared with non-GAAP net loss of $7.8 million, or $0.03 per share for the fourth quarter of fiscal 2008. Non-GAAP net loss for fiscal 2009 was $19.5 million, or $0.07 per share, compared with non-GAAP net income of $13.8 million, or $0.05 per fully diluted share for fiscal 2008.
"Our Q4 and full year results reflect the impact of reduced capital spending by service providers, occurring within the backdrop of a challenging business environment," said Daniel E. Smith, president and chief executive officer. "We will continue to exercise disciplined expense control, while ensuring our resources are effectively aligned to meet our customer commitments, and continue to demonstrate leadership in customer service and support."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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