Sycamore Networks Inc., cannot get rid of their shameless habit. Like a forgetful child, company’s CEO, Daniel E. Smith, fails to remember company’s vital duty – to file a quarterly report with the Securities and Exchange Commission.
Company promised to meet all the Nasdaq requirements by June 20th, which in two days time!
Officials of the Nasdaq stock exchange market sent a friendly message to Sycamore Networks Inc., the communications equipment manufacturer, in order to inform that the company is at great risk to be ejected from the stock market due to the delay in filling its Quarterly Report on Form 10-Q for the period ended April 28, 2007.
Nasdaq staff had been sending letters to Sycamore a few times before the last one. Company received analogous letters on October 18, 2006, December 12, 2006 and March 14, 2007, indicating that the Company's common stock was subject to delisting pursuant to NASDAQ Marketplace Rule 4310(c)(14) due to the delay in the filing of its Annual Report on Form 10-K for the fiscal year ended July 31, 2006 and its Quarterly Reports on Form 10-Q for the periods ended October 28, 2006 and January 27, 2007.
A one-year-old balance sheet
A one-year-old company's SEC filling reveals that company had a total of $923,729,000 assets as of April 30, 2006. With only $34,618,000 at this time in debt company's financial status looked quite positive.
As of three months ended by April 29 in 2006 company's revenue increased by approximate $5,000,000, arriving at $22,944,000.
Cost of revenue went up by $4,000,00 in the same period comparing 2006 and 2005, reaching a line of $13,539,000.
Product (One of company's products pictured, left) revenue consisted primarily of sales of optical networking products including the SN 16000 and SN 3000 optical switches. On April 12, 2006, company bought Eastern Research, Inc. for a purchase price of approximately $92.5 million, consisting of $8 million in cash and approximately 17.8 million shares of our common stock.
Since 13th June shares of Sycamore went up by 19 cent to close at $4.13. Also company’s share hit top high last week arriving at $4.18. Company has 278.82M shares outstanding, which puts company's market cap to $1.15B.
What this company must do now is - fix these holes, if they still want to keep their business growing. But will they manage to do this in two days's time? Hardly.
References:
http://www.sycamorenet.com/
http://finance.yahoo.com/q/sec?s=SCMR
User comments
Follow the discusion about Sycamore Networks, Inc in the forum