11:43 AM EST - DragonWave Inc. : reported net income of $9.7 million U.S. or $0.26 U.S. per share for the first quarter, compared to a net loss of $2.4 million U.S. or $0.08 U.S. per share in the prior-year quarter. Revenue jumped 275% to $48.7 million U.S. from $13.0 million U.S. in the year-ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 U.S. per share on revenue of $51.53 million U.S. for the quarter. Analysts' estimates typically exclude special items. For the second quarter of fiscal 2011, the company expects revenue to be about $25 million U.S. DragonWave's largest customer is expected to contribute about 25% of the second quarter revenue. Street expects revenue of $48.37 million U.S. for the quarter. DragonWave Inc.
shares T.DWI are trading down $0.99 at $4.85.
