Network Equipment Technologies (NET) has reported total revenues of $13.5m, a decrease of 31% compared to $19.5m for the same period last year.
For the first quarter ended June 25, 2010, the company posted gross margin of $4.7m, down from $8.9m for the same period last year. It reported operating loss of $7.8m, compared to operating loss of $4.1m for the same period last year.
NET reported net loss of $8.2m, compared to a net loss of $3.7m for the same quarter a year ago. It posted net loss per diluted share of $0.28 as compared to net loss per diluted share of $0.13 per share for year ago quarter.
Nicholas Keating Jr, president and CEO at Network Equipment Technologies, said: "While revenue in the first quarter was disappointing, NET’s continued focus on unified communications and secure voice opportunities is resulting in an expanding global pipeline. We are moving ahead with the introduction of voice and data products that enable us to stay at the forefront of delivering integrated communications to both enterprise and government customers.
"Revenues during our first fiscal quarter reflect an increase in enterprise sales of unified communication offerings, particularly in North America. Our goal is to be the industry’s best enabler of integrated communications."
