Sycamore Networks swings to fiscal 3Q loss

Telecommunications equipment maker Sycamore Networks Inc. on Thursday said it swung to a fiscal third-quarter loss as revenue dropped almost 52 percent.

Sycamore in April reported preliminary results that anticipated such a revenue drop. The company cited lower-than-planned orders by a major customer.

For the quarter ended April 26, Sycamore reported a loss of $2.7 million, or a penny per share, compared with a profit of $6.7 million, or 2 cents per share, in the year-ago quarter.

The company broke even on a per-share basis when excluding certain items from its result.

Sycamore's revenue fell 51.8 percent year over year, to $21 million from $43.5 million.

Analysts polled by Thomson Financial, on average, anticipated a profit of 3 cents per share. Such estimates typically exclude special items.

In a statement, Sycamore Chief Executive and President Daniel E. Smith said the company is "disappointed" with the results, and is making efforts to expand its customer base.