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Sycamore beats forecast
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November 14, 2000: 5:44 p.m. ET
Networking firm beats 1Q estimate by a penny per share on revenue gain
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NEW YORK (CNNfn) - Optical networking firm Sycamore Networks Inc. posted slightly better-than-expected results for its fiscal first quarter Tuesday, crediting its gains to strong revenue growth.
The Chelmsford, Mass.-based company earned $6 million, or 2 cents per diluted share, for the quarter ended Oct. 28, compared with a loss of $4.1 million, or 2 cents per share, in the year-earlier period. The results, which exclude one-time items, beat the First Call consensus estimate of a-penny-per-share profit.
The year-over-year results are reported on a pro forma basis, to include operations of Sirocco Systems, which Sycamore acquired in September.
Revenue rose 517 percent to $120.4 million. Analysts had anticipated revenue of about $104 million, according to the First Call consensus forecast.
 The results were released after Tuesday's market close. In regular trading, the stock rose $3.94 to $64.44. In after-hours trading, Sycamore Networks (SCMR: Research, Estimates) rallied another $3.81, or 5.9 percent, to $68.25. The stock is trading well off its 52-week high of $199.50.
The company posted a net loss for the quarter of $26.2 million, or 11 cents per share, including the amortization of deferred stock compensation, tax on stock options that were exercised and acquisition costs. That compares with a net loss of $7.4 million, or 4 cents per share, in the year-earlier quarter. 
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Sycamore Networks
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