DragonWave, Inc. (USA) (NASDAQ:DRWI), a leading global supplier of packet microwave radio systems for mobile and access networks, today announced financial results for the second quarter of fiscal year 2016. All figures are in U.S. dollars and were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

Revenue for the second quarter of fiscal year 2016 was $26.9 million, compared with $26.3 million in the first quarter of fiscal year 2016 and$37.9 million in the second quarter of the fiscal year 2015. Revenue from the Nokia channel represented 37% of revenue in the first quarter of this fiscal year, versus 52% in the first quarter of fiscal year 2016 and 60% in second quarter of fiscal year 2015.

Gross profit in the second quarter of fiscal year 2016 was 14.8%, compared with 21.1% in the first quarter of fiscal year 2015 and 15.5% in the second quarter of fiscal year 2015.

Net loss attributable to shareholders in the second quarter of fiscal year 2016 was ($21.0) million or ($0.28) per basic and diluted share. The second quarter loss included a one-time, non-cash impairment of goodwill and deferred tax assets of $13.4 million. This compares to a net loss attributable to shareholders of ($6.0) million or ($0.08) per basic and diluted share in the first quarter of fiscal year 2016 and ($8.9) millionor ($0.14) per basic and diluted share in the second quarter of fiscal year 2015.

“It has been a difficult quarter, but we are pleased that we have been able to resolve the product issues on our new Harmony Enhanced product and believe this will be a world class product going forward.” said DragonWave President and CEO, Peter Allen.

Cash and cash equivalents totaled $13.1 million at the end of the second quarter of fiscal year 2016, compared to $18.9 million at the end of the first quarter of fiscal year 2016. (Original Source)

Shares of Dragonwave closed today at $0.176, down $0.008 or -4.62%. DRWI has a 1-year high of $1.20 and a 1-year low of $0.17. The stock’s 50-day moving average is $0.20 and its 200-day moving average is $0.45.

DragonWave Inc is a provider of high-capacity packet microwave solutions that drive next-generation IP networks. Its products are wireless network backhaul equipment.