DragonWave Inc.

Reports First Quarter Fiscal Year 2014

Results| Reuters
The gross margin within the fourth quarter regarding fiscal yr 2013 reflects the particular inclusion
involving an inventory impairment provision of $0.8 million.
(9,685


4,399



Weighted average Shares Outstanding
)


111,122




DragonWave assumes no obligation in order to update or revise any kind of forward-looking
statements or forward-looking information, whether or not since of recent information, long term
events or even otherwise, except as expressly required through law.





49,331
Contingent liabilities
Conference call dial-in numbers:


13,843
1,451



)
Foreign exchange acquire (loss)

34,783


1,163
DragonWave as well as Horizon are registered trademarks involving DragonWave Inc.
(120,197
35,452

2013
(0.35
)
15,000

Cash and funds equivalents


Long Term Assets
69
Contributed surplus
-

Toll-free North America: (877) 312-9202

The DragonWave management team will talk about the final results on a webcast and conference
call starting at 8:30 a.m. We're working hard along with Nokia Siemens Networks to build the
particular revenue funnel with regard to microwave, progressing our immediate relationships
specifically inside the Usa as well as India, advancing in the crucial region regarding small cell
backhaul, and also our operating expenses are generally declining as we complete our integration
and also restructuring activities" said DragonWave President and CEO, Peter Allen.
(TSX:DWI)(NASDAQ:DRWI) the leading global supplier involving packet microwave radio systems
regarding mobile along with access networks, nowadays announced economic results for its 1st
quarter ended May 31, 2013. Most figures have been in U.S. usually accepted accounting
principles.
Long Term Liabilities

Restricted cash


Accretion expense




)


179,429. bucks and had been ready relating using U.S. These kinds of statements tend to be topic
for you to particular assumptions, risks as well as uncertainties.


558



(12,637
Impairment of intangible assets
Gain in contract amendment

(13,209
Accounts payable as well as accrued liabilities

-
55,594
An archive in the webcast will be offered by the same link.
Revenue for your initial quarter associated with fiscal yr 2014 was $24.5 million, in contrast
with $28.3 million in the fourth quarter of fiscal 12 months 2013 and also $13.0 million in the
initial quarter associated with fiscal 12 months 2013. Revenue from your Nokia Siemens Networks
channel represented 57% of revenue in the 1st quarter of fiscal 2014.


May 31,

Expressed inside US $000's except share amounts

Total Liabilities and Equity



69
5,203
Diluted

Net loss applicable in order to shareholders inside the initial quarter involving fiscal 12 months 2014
was $6.6 million or ($0.17) per basic as well as diluted share. Eastern Time on July 11, 2013.


Gross profit
(9,683


134,994


(538
CONSOLIDATED STATEMENTS OF OPERATIONS


3,382


Net Earnings (loss)
Diluted
Liabilities


38,059,919
-



February 28,
3,251
Basic

REVENUE




Selling along with marketing
1,568

)


7,444

Deferred financing cost
DragonWave is really a leading provider regarding high-capacity packet microwave options in
which drive next-generation IP networks. DragonWave's carrier-grade point-to-point packet
microwave methods transmit broadband voice, video and data, enabling support providers,
government agencies, enterprises along with other organizations to fulfill his or her growing
bandwidth requirements rapidly and affordably. The principal application associated with
DragonWave's products can be wireless network backhaul. Additional options consist of leased
series replacement, final mile fiber extension and enterprise networks. DragonWave's corporate
headquarters is positioned in Ottawa, Ontario, using sales places throughout Europe, Asia, the
actual middle East and North America. For more information, visit http://www.dragonwaveinc.com.


Assets

76,631

(12,579
We recently announced the particular inclusion regarding DragonWave goods within the Cisco
Little Cell Wireless Backhaul Ecosystem.



International: (408) 774-4000
Basic
21,455
(10,612
128

* Reuters just isn't responsible for your content material within this press release.






255

Current Assets
Research as well as development






)

35,931,347

)
56,962

104,254

About DragonWave
Three of our own significant present supplier consumers in India, Southeast Asia as well as Africa
tend to be engaging in network expansions, beginning within the second fiscal quarter.




Capital lease obligation




(0.17

Deferred revenue
We will additionally be involved inside a pilot tiny cell wireless backhaul deployment with a main
Asian carrier.
6,077


Certain statements on this release, such as our statements regarding our relationship along with as
well as the transactions involving Nokia Siemens Networks, our expectations regarding consumer
network expansions, our efforts to become able to develop our direct consumer relationships, as well
as our plans and expectations concerning operating expense reductions, income growth and also
margin, constitute forward-looking statements or perhaps forward-looking information within this is
regarding applicable securities laws. "We will still have a strong give interest to income growth and
improving our margins."




Cash, cash equivalents, along with limited money totaled $23.4 million at the end of the first
quarter associated with fiscal year 2014, in comparison to $23.0 million at the end of the fourth
quarter of fiscal yr 2013.
38,059,919
8,841
Total Shareholder's equity
32,722


(9,194







)
2013





22,959
Accumulated additional comprehensive loss



(1,003

)
Income (loss) per share
(6,587
Debt facility



104,254




(36
Our power to obtain operating expense reductions through measures including consolidation as well
as rationalization associated with the business acquired via Nokia Siemens Networks, migration to
new contract manufacturers, and also optimization of our own logistical framework to cut back
overhead expenses related in order to hardware sales.
783
(6,625



58


24,532

)

2,771
)


22,044

13,327
-
The productive implementation of our own renewed framework together with Nokia Siemens
Networks that was announced on April 10, 2013, which includes revenue growth from Nokia
Siemens Networks as a consequence of the renewed framework.
15,000


13,432

)
516











)



92
12,974

Current Liabilities
Contingent liabilities

18,917
Capital stock
149
Deferred tax asset

(2,869
5,524
There are usually risks associated using these assumptions, which includes that expected synergies
is not necessarily heading to materialize; that will unexpected expenses is likely to be incurred; or
perhaps in which end-customer demand won't meet expectations.
Our integration and also restructuring actions yielded any 46% reduction inside operating expenses
compared for you to Q2 final year.

53,249

Income tax expense (recovery)
6,047
Amortization involving intangible assets


Intangible assets

1,581
)


Income (loss) prior to amortization involving intangible assets as well as other items
Readers are cautioned not to place undue attachment to forward-looking statements. These
statements are provided for you to assist external stakeholders throughout
understanding DragonWave's expectations as of the date associated with this launch along with
may certainly not be proper with regard to other purposes. This particular included a cash payment
to DragonWave in the quarter regarding $13.8 million.
2,753
Deficit
(0.17


As at




(65

)

11,927

Gross margin for that first quarter of fiscal year 2014 was 11.5%, compared along with 5.3% in the
fourth quarter of fiscal yr 2013 and 31.9% inside the very first quarter associated with fiscal year
2013. Real results, performance, achievements or developments of DragonWave may differ
materially from the results, performance, achievements or developments expressed as well as
implied through such statements.


Net Earnings (loss) applicable to end up being able to shareholders
)


Total Assets
(98


(542
Expressed in US $000's except reveal along with per reveal amounts



-
2013
OTTAWA, CANADA--(Marketwired - July 10, 2013) - DragonWave Inc.



May 31,
Total Equity

1,190
4,133
82,799
1,308
Shareholders' equity
6,325
Business highlights include:

)

Commitments
Cost of sales
Other long lasting liabilities

Material risks along with uncertainties relating for you to our enterprise tend to be described
beneath the actual headings "Risks as well as Uncertainties" and "Liquidity Discussion" in the
MD&A, dated July 10, 2013, and on pages 27-48 in the Company's Annual Details Form,
dated May 17, 2013.



In the very first fiscal quarter we reported outcomes in our renewed framework along with Nokia
Siemens Networks, which usually ended up being originally announced upon April 10, 2013. This
even compares to the net loss applicable to end up being able to shareholders of $27.2
million or ($0.71) per simple as well as diluted reveal inside the fourth quarter associated with
fiscal year 2013 and also net loss applicable to shareholders of $12.6 million or ($0.35) per basic
as well as diluted share within the very first quarter regarding fiscal year 2013.
35,931,347
May 31,
Goodwill

)


Capital lease obligation



)
35,258
5,270
23,872
Contingent receivable


(0.35

(798
21,712




Three a handful of months ended
Risk factors, in addition to people thorough above, that will might cause your real results,
performance, achievements or developments associated with DragonWave to differ materially from
your results, performance, achievements or perhaps developments expressed or even implied
through such statements can be found in DragonWave's Annual Details Form dated May 17,
2013 and additional public documents filed by DragonWave with Canadian along with United
States securities regulatory authorities, that are accessible
at www.sedar.com and www.sec.gov, respectively.
(22
1,890

)

-
519
134,994


Income (loss) before earnings taxes


Property along with equipment
2012

Interest income (expense)
11,927

Webcast as well as Conference call Details:
Industry developments contain current studies of your a couple of 12 months $16 billion investment
in Sprint's network simply by Softbank, with every single other along with Sprint's acquisition
associated with Clearwire.
)



Non-controlling interests
(572
Gain on alteration of estimate
Wed Jul 10, 2013 5:00pm EDT





)


(126,822
3,658


5,302

Inventory
As at

2,436


General as well as administrative
1,060
CONSOLIDATED BALANCE SHEETS

)

179,547
Restructuring expense



)


)

)

EXPENSES
Other existing assets

988

55,610
Trade receivables
54

)










49,367
Net Loss Attributable to be able to Non-Controlling Interest
The are living webcast as well as presentation slides will be available at your Investor Relations
section of the DragonWave website at: http://investor.dragonwaveinc.com/events.cfm


(559

4,748


5,285
29
Material factors and also assumptions used to develop forward-looking statements
include DragonWave's expectations along with plans regarding:



(6,679
Forward-Looking Statements

16

Deferred tax asset



1,674







-




2,820


"We have made progress in multiple fronts