FOR IMMEDIATE RELEASE

 

Exhibit 99.1

Xtera Announces Fiscal First Quarter Financial Results

DALLAS, TEXAS, USA – (February 3, 2016)

– Xtera Communications, Inc. (NASDAQ: XCOM), a provider of high-capacity optical transport solutions, today announced financial results for its fiscal first quarter ended December 31, 2015. Revenue for the first quarter of fiscal 2016 was $12.6 million, a decrease of 5.5% compared to $13.4 million for the fiscal first quarter of 2015.

“After completing our IPO in mid-November, we saw strong demand for our products and solutions in Q1,” reported Jon Hopper, Xtera’s President and Chief Executive Officer. “Our backlog increased considerably during the December quarter and we ended the quarter with a backlog of $80.5 million, up 85% over the prior quarter.”  

The company's GAAP net loss for the fiscal first quarter of 2016 was $7.2 million, or $0.71 per basic and fully diluted share, compared to a GAAP net loss of $3.2 million, or $3.65 per basic and fully diluted share, for the first fiscal quarter of 2015. The company's non-GAAP net loss for the fiscal first quarter of 2016 was $6.9 million, or $0.68 per basic and fully diluted share, compared to a non-GAAP net loss of $3.0 million, or $3.49 per basic and fully diluted share, for the first fiscal quarter of 2015.

A reconciliation of our fiscal first quarter 2016 operating results from GAAP to non-GAAP is provided below:

Three Months Ended December 31, 2015

(Unaudited, in thousands, except share data)

 

 

 

 

 

 

Stock Based

 

 

Amortization of

 

 

Acquisition-Related

 

 

 

 

 

 

 

Non-GAAP

 

 

Compensation

 

 

Intangible Assets

 

 

Costs

 

 

GAAP

 

Revenue

 

$

12,630

 

 

$

 

 

$

 

 

$

 

 

$

12,630

 

Cost of revenue

 

 

12,949

 

 

 

 

 

 

 

 

 

 

 

 

12,949

 

Gross profit

 

 

(319

)

 

 

 

 

 

 

 

 

 

 

 

(319

)

Gross margin

 

 

-2.5

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

-2.5

%

Operating expenses

 

 

5,804

 

 

 

52

 

 

 

270

 

 

 

 

 

 

6,126

 

Operating loss

 

 

(6,123

)

 

 

(52

)

 

 

(270

)

 

 

 

 

 

(6,445

)

Interest and other income(expense), net

 

 

(768

)

 

 

 

 

 

 

 

 

 

 

 

(768

)

Provision for income taxes

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Net loss

 

$

(6,892

)

 

$

(52

)

 

$

(270

)

 

$

 

 

$

(7,214

)

Weighted average shares used to compute net

   loss per common share: basic and diluted

 

 

10,183,075

 

 

 

10,183,075

 

 

 

10,183,075

 

 

 

10,183,075

 

 

 

10,183,075

 

Net loss per common share: basic and diluted

 

$

(0.68

)

 

$

(0.01

)

 

$

(0.03

)

 

$

-

 

 

$

(0.71

)

 

Conference Call

In conjunction with this announcement, Xtera will host a conference call to discuss its results at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on Wednesday, February 3, 2016.  Interested parties can listen to a live webcast of the conference call by visiting the Investor Relations section of Xtera’s website at http://ir.xtera.com.  Dial in information for the conference call is available by registering at http://dpregister.com/10078802.  The conference call and webcast will include forward-looking information.  A replay of the conference call will also be available on the Investor Relations section of Xtera’s website at http://ir.xtera.com following the completion of the call.

About Xtera Communications, Inc.

Xtera Communications, Inc. (NASDAQ: XCOM) is a leading provider of high-capacity, cost-effective optical transport solutions, supporting the high growth in global demand for bandwidth.  Xtera sells solutions to telecommunications service providers, content service providers, enterprises and government entities worldwide.  Xtera’s proprietary Wise RamanTM optical amplification technology leads to capacity and reach performance advantages over competitive products.  Xtera’s solutions enable cost-effective capacity to meet customers’ bandwidth requirements of today and to support their increasing bandwidth demand fueled by the development of data centers and related cloud-based services.


The following information was filed by Xtera Communications, Inc. (XCOM) on Wednesday, February 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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