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SCMR > SEC Filings for SCMR > Form 8-K on 29-Nov-2012All Recent SEC Filings

Show all filings for SYCAMORE NETWORKS INC



Results of Operations and Financial Condition, Other Events, Financial Stat

Item 2.02: Results of Operations and Financial Condition

On November 29, 2012, the Registrant reported its financial results for the first quarter ended October 27, 2012.

A copy of the press release issued by the Registrant with respect to the foregoing is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

The Registrant provides non-GAAP financial data in addition to providing financial results in accordance with generally accepted accounting principles ("GAAP"). These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. The reconciliation between the GAAP basis and the non-GAAP basis financial data is provided in the table immediately following the Unaudited Condensed Consolidated Statements of Operations included in Exhibit 99.1. The Registrant believes that the items excluded from the non-GAAP results have one or more of the following characteristics: their magnitude and timing are largely outside of the Registrant's control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual, and the Registrant does not expect them to occur in the ordinary course of business; or they are non-operational, non-cash expenses involving equity grants.

The non-GAAP financial data is provided to enhance the reader's overall understanding of the Registrant's current financial performance and its prospects for the future. Specifically, the Registrant believes the non-GAAP results provide useful information to both management and investors by excluding certain expense and income items that the Registrant believes are not indicative of the Registrant's core operating results. In addition, since the Registrant has historically reported non-GAAP results to the investment community, the Registrant believes the inclusion of non-GAAP numbers provides consistency in its financial reporting. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting in future periods. The non-GAAP financial data should be considered in addition to, not as a substitute for or a more appropriate indicator of, operating results, cash flows, or other measures of financial performance prepared in accordance with GAAP.

The information contained herein and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing. The information in this report, including Exhibit 99.1 hereto, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 8.01: Other Events

On November 27, 2012, the Board of Directors of the Registrant approved a special cash distribution of $0.50 per share of common stock, par value $0.001 (the "Common Stock"). Each stockholder of record on December 10, 2012 will be entitled to receive $0.50 in cash for every share of Common Stock held by such stockholder. The special cash distribution will be paid on December 20, 2012. In accordance with NASDAQ Rule 11140(b), due to the amount of the special cash distribution the Registrant expects that the ex-dividend date will be December 6, 2012, which is two business days prior to the record date for the special cash distribution.

Item 9.01: Financial Statements and Exhibits

(d) Exhibits

        Number    Description

        99.1      Press Release of the Registrant, dated November 29, 2012

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