Orckit Communications (ORCT) Posts Narrowed Q1 Loss, Revises 2011 Guidance Upward
Seeking Alpha Analyst Since 2008
Orckit Communications Ltd. today reported results for the first quarter ended March 31, 2011, and revised its revenue guidance for calendar 2011.
Revenues in the first quarter of 2011 were $4.6 million as compared to $1.6 million reported in the comparable quarter last year.
Izhak Tamir, chairman and president of Orckit, said the revenue was driven by a growing installed base of service providers from around the world.
Net loss for the quarter ended March 31, 2011, was $6.0 million, or $(0.27) per share, compared to $6.1 million, or $(0.37) per share, for the first quarter of 2010.
Orckit also revised its guidance for calendar 2011 upward to between $25 million and $28 million, reflecting a more than 10 percent increase over previous guidance.
“Given our success so far this year, we have greater visibility and, as a result, we are increasing our revenue forecast for calendar 2011 to $28 million which represents 90 percent revenue growth compared to FY2010,” Tamir stated in the press release.
In the first quarter of this year the company added four new Tier 2 and Tier 3 carriers for its CM-4000 PTN solutions. The company noted that significant growth in the number of LTE, FTTx and SDH replacement projects around the world also generated greater demand for PTN solutions.
“This has resulted in our participation in additional trials and demonstrations, as well as in initial deployments. Given our traction, we believe that our success in securing new customers during the first quarter will continue during the remainder of the year with the addition of other new customers derived from these opportunities,” Tamir stated.
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