DragonWave (DRWI) Prelim. Q4, FY14 Revs Miss Expectations
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DragonWave (NASDAQ: DRWI) announced updated revenue expectations of approximately $44 million for its fourth quarter of fiscal year 2015, ended February 28, 2015. Revenue is lower than expected because of the uneven timing of installation services revenue, shipments that did not make the Q4 cut off, and delays in equipment orders, which are now expected to be received in fiscal year 2016.
Revenue for the full fiscal year 2015 is expected to be approximately $158 million, which represents growth of approximately 75% over fiscal year 2014.
*** The Street consensus calls for Q4 and FY14 revs of $49.1 million and $160.3 million, respectively.
These updated revenue expectations are preliminary, have not been reviewed by DragonWave's external auditors, and are subject to completion of customary quarterly closing and internal review procedures, as well as our annual external audit. Revenue figures are in U.S. dollars.
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