CHELMSFORD, Mass. -- Sycamore Networks, Inc. (NASDAQ: SCMR), a leader in intelligent optical networking, today reported its fourth quarter and fiscal year end results for the period ended July 31, 2001. Revenues for the fourth quarter of fiscal 2001 were $50.9 million, compared with $90.4 million in the same period last year. Pro forma net loss, which excludes the amortization of deferred stock compensation, payroll tax on stock option exercises and a provision for doubtful accounts, was $29.0 million or $(0.12) per share for the fourth quarter of fiscal 2001, compared with pro forma net income of $11.5 million or $0.04 per share for the same period last year. Actual net loss for the fourth quarter of fiscal 2001 was $42.2 million or $(0.17) per share, compared with actual net income of $7.4 million or $0.03 per share for the same period last year. During the fourth quarter, Sycamore recorded a charge of $4.6 million attributable to accounts receivable amounts owed to Sycamore by 360networks inc. which may be uncollectible. Revenues for fiscal year 2001 were $374.7 million, compared with $198.1 million in fiscal 2000. Sycamore's fiscal year 2001 pro forma net loss, which excludes the amortization of deferred stock compensation, payroll tax on stock option exercises, acquisition costs, restructuring costs and the charge associated with the provision for doubtful accounts, was $24.0 million or $(0.10) per share, compared with a pro forma net income of $15.0 million or $0.06 per share for fiscal 2000. Actual net loss for fiscal 2001 was $279.8 million or $(1.18) per share compared with actual net income of $0.7 million or $0.00 per share for fiscal 2000. "Over the last several months, the overall slowdown in telecommunications capital spending and a lack of available capital for emerging carriers has impacted our business. During this challenging time, we remain focused on strengthening our customer base, continuing technology innovation, and conserving cash," said Dan Smith, president and CEO of Sycamore Networks. "During the fourth quarter, Sycamore made good progress in strengthening its customer base with the addition of two international incumbent carriers, NTT Communications and KPNQwest, as new customers."Sycamore plans to review its fourth-quarter and fiscal year end results, and discuss details of the provision for doubtful accounts and its business outlook during a conference call today beginning at 4:30 p.m. EDT. A Webcast of the conference call will be available to all interested parties on the Sycamore web site located at www.sycamorenet.com under the Investor Relations section. Interested investors are encouraged to log onto the broadcast at least 15 minutes prior to the call. Participating in the call will be Sycamore's president and chief executive officer, Daniel E. Smith, and chief financial officer, Frances M. Jewels. Sycamore Networks Inc.