Cyan revenues grow, share loss drops slightly [The Press Democrat, Santa Rosa, Calif. :: ]
(Press Democrat, The (Santa Rosa, CA) Via Acquire Media NewsEdge) Aug. 11--Petaluma network equipment maker Cyan on Monday reported increased revenue from the start of the year and a slightly smaller loss per share from the same period in 2013.
Second quarter revenue reached $24.4 million, which was 28 percent higher from the previous quarter but a decrease of 23 percent from the second quarter of 2013.
The company reported a net loss of $14.7 million, or $0.31 per share. That compared to a net loss of $17.8 million, or $0.38 per share, in the first quarter and $9.1 million, or $0.33 per share, from a year earlier.
In a conference call with investors, officials said Cyan has won a $10 million order from a major company that should result in new revenue in 2015. International revenue is growing and the company has products under trial in the labs of six top, "tier one" telecom companies.
"I think we had a very positive quarter and we'll continue to work hard on this end," CEO Mark Floyd said.
Eight-year-old Cyan sells software and equipment that help telephone companies, data centers and private network operators reduce the cost of moving data quickly across their networks.
The company's website reports it has slightly more than 300 employees and major offices in Amsterdam, Dallas, Hong Kong and Vancouver.
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