DragonWave, Inc. (USA)(NASDAQ:DRWI) announced financial results for the recently concluded second quarter fiscal year 2016.
As per the reports, the revenues of the company for the quarter were $26.9 million, slightly higher than the $26.3 million revenues that it reported in the quarter before. However, when compared with the $37.9 million revenues generated during the same period in the previous fiscal year, one can see a huge reduction.
Other Highlights of The Year
If classified in different categories, revenues generated via Nokia channel accounted for 37% of the total revenues. The share of the revenues generated through Nokia channel was 52% of total revenues in the previous quarter. When it comes to gross margin, DragonWave managed to report 14.8% margin in this quarter against 21.1% in the quarter before and 15.5% during the same quarter in the previous year.
Despite the reasonably good performance in the quarter, it couldn’t attain the profitable state. As per the reports, the net loss attributable to shareholders for the quarter was $0.28 per share or $21 million. The loss figure comprised of as a one-time non-cash impairment of deferred tax assets and goodwill worth $13.4 million.
The net loss amount of this quarter is a lot higher than the one reported by the company during the previous quarter. In the previous quarter, the net loss attributable to shareholders was $0.08 per share or $6 million in total, whereas it was $0.14 per share or $8.9 million in total during the 2QFY15.
The senior management team of the company is delighted to announce the financial results for the quarter. According to Peter Allen, CEO & President, DragonWave, Inc. (USA)(NASDAQ:DRWI), the recently concluded 2nd quarter fiscal 2016 was one of the most difficult three-month periods that the company had to face. Despite this adverse situation, DragonWave managed to come up with a new world-class product, which would surely revive the fortunes for the company in the coming months.