DragonWave Inc DRWIQ

Enough is enough

[Findogger19]

OTTAWA, CANADA -- (Marketwired) -- 05/26/17 -- DragonWave Inc. (TSX:DRWI)(NASDAQ:DRWI) a leading global supplier of packet microwave radio systems for mobile and access networks, today announced financial results for the fourth quarter and full fiscal year ended February 28, 2017. All figures are in U.S. dollars and were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Revenue for the full fiscal year was $43.9 million. Revenue for the fourth quarter of fiscal year 2017 was $8.0 million, compared with $10.2 million in the third quarter of fiscal year 2017. Gross profit before inventory provision for the full fiscal year was 29.1%. Gross profit before inventory provisions was 22.3% in the fourth quarter of fiscal year 2017, compared to 28.3% in the third quarter of fiscal year 2017. There was a $0.4 million inventory provision taken in the fourth quarter of fiscal year 2017, while there was a $0.2 million inventory provision taken in the third quarter of fiscal year 2017. See "Non-GAAP Financial Measures" below for the most directly comparable measure to gross profit before inventory provisions when calculated in accordance with GAAP and presented in DragonWave's financial statements. Operating expenses during fiscal year 2017 were $27.9 million, a decrease of $9.9 million compared to the previous fiscal year. Operating expenses in Q4 decreased to $6.7 million from $7.0 million in the third quarter of fiscal year 2017. Net loss attributable to shareholders in the fourth quarter of fiscal year 2017 was ($3.9) million or ($0.60) per basic and diluted share. This compares to a net loss attributable to shareholders of ($4.6) million or ($0.80) per basic and diluted share in the third quarter of fiscal year 2017. "Our results in Q4 reflect the difficult operating conditions. Earlier this year we communicated that we had made a restructuring proposal to our credit facility partners to reduce operating expenses and address working capital." said DragonWave President & CEO, Peter Allen. "In co-operation with our secured lenders we have engaged Alvarez & Marsal Canada ULC to assist us with the identification and assessment of strategic alternatives in relation to short term liquidity requirements." Cash and cash equivalents totaled $4.1 million at the end of the fourth quarter of fiscal year 2017, compared to $4.5 million at the end of the third quarter of fiscal year 2017.

[barneyj44]

And the Big Blob of Protoplasm remains CEO?