DragonWave reported revenue of US$48.7 million for its first quarter of fiscal 2011 (ended 31-May-2010), up 275% versus $13.0 million in Q1 FY2010 and $61.0 million in the fourth quarter of fiscal year 2010. Revenue from customers within North America was $42.9 million, compared with $10.5 million in the first quarter of the prior fiscal year. DragonWave had one major customer in the first quarter of fiscal year 2011 that generated 78% of revenue.
Net income in the first quarter of fiscal year 2011 was $9.7 million or $0.26 per diluted share, compared with a net loss of $2.4 million or ($0.08) per diluted share in the first quarter of 2010. Gross margin for the first quarter was 43.6%, compared with 34.5% in the first quarter of the prior fiscal year; operating margin was 20% in the quarter.
DragonWave expects revenue for Q2 FY2011 to be approximately $25 million. DragonWave’s largest customer is expected to contribute approximately 25% of Q2 FY2011 revenue.
“DragonWave delivered strong year-over-year growth in the first quarter,” said DragonWave President and CEO Peter Allen. “We are focused on achieving our key strategic objectives of broadening and deepening our global market presence, expanding our customer base and continuing to deliver innovative solutions. The global mobile broadband Internet is unstoppable, which will drive the growth for DragonWave solutions in markets throughout the world.”http://www.dragonwaveinc.com
