Revenue hike has DragonWave on fire

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    Date: Thursday 08 May 2008

    LONDON (ShareCast) - A 67% surge in full year revenue sent wireless networks supplier DragonWave rocketing higher Thursday.

    Revenue for the year to 29 February hit C$40.4m, up from C$24.2m the year before, with North American revenue up 45% to C$28.1m and revenue from elsewhere up 160% to C$12.3m.

    The loss from operations widened to C$7.2m from C$5.9m in 2007 as expenses soared to C$22.6m from C$13.9m previously.

    It blamed the higher costs on increased staffing levels, sales and marketing activities needed to grow the international business, R&D and the engineering activity to comply with local certification and approval processes.

    "DragonWave made good progress during the year as we've continued to execute our strategy,” said President and CEO Peter Allen.

    “We have captured 50 new customers and we are seeing excellent traction for our Horizon product line.”

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