The Ottawa-based company, which reports in U.S. dollars, said it lost US$1.17 million compared to a deeper loss of $2.28 million in the same quarter of fiscal 2012.
On a per share basis, the loss was three cents versus six cents a year earlier.
Dragonwave's improved results were driven by revenues which grew to $44.2 million from $13.6 million.
Most of the growth was driven by its customer Nokia, which represented more than 73 per cent of the overall revenue in the quarter, while a year earlier it was only 10 per cent of revenue.
Earlier this year, DragonWave amended its agreement for the acquisition of Nokia Siemens Networks' microwave transport business in China, including its operational support system. The deal led to a one-time accounting gain of $19.4 million.
As a result, losses applicable to shareholders came to $1.1 million, or three cents per share, compared to $2.2 million or six cents a share in the previous year.
In its outlook for the third quarter of fiscal 2013 the company said it expects revenues to be in the range of $43 million to $50 million.
DragonWave's microwave radio system equipment moves voice and data wirelessly between cell towers and providers' networks and is compatible with emerging, faster networks designed to handle lots of data.
DragonWave CEO Peter Allen told analysts in a conference call Thursday that he expects NSN’s global presence will bolster the company’s fortunes.
He spent much of the first few weeks after the acquisition travelling to NSN locations across Doha, Dubai, Singapore and other regions, meeting with local employees and also customers.
“Our business is now truly global and geographically diverse, with strong revenues coming in in all regions,” Mr. Allen said.
DragonWave, he said, reported about 30 per cent of revenues from Europe, 20 per cent each from the Middle East and India, and about 15 per cent each from Africa and the rest of Asia.
“There are customers that are doing exciting modernization rollouts,” he added, citing the shift from 3G to 4G mobile technologies as an example. “We’re really pleased to have that global spread and wider customer base than we had previously.”
He added that one of the top customer questions is whether products will be discontinued given the new integration between DragonWave and NSN’s microwave business. Mr. Allen said that he expects no, and that the companies will be working on “evolving them together.”
The transition is still ongoing and he said some regions still have work ahead of them, but he maintained that this integration will position DragonWave better financially in future quarters.
In September, DragonWave slashed 48 jobs in Ottawa and Israel amid what the company said was a shift in focus after the acquisition.
At the time, the company forecast a $1 million hit in restructuring charges and an additional $1.6 million in one-time cash usage, both of which would be reflected in third-quarter results.
Former OCRI head Claude Haw was also named chair of DragonWave after the previous position holder, Gerry Spencer, stepped down for undisclosed family reasons. Mr. Haw has been on the DragonWave board since 2003.
-With reports by OBJ staff
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