As Sycamore Networks began its 2006 fiscal year today, it announced being still unable to report the results of its third fiscal quarter of 2005, which ended April 30, 2005. In a statement issued today, the company said it cannot estimate when it will be able to file its 10-Q report on third-quarter earnings but "intends to do so as soon as practicable."

Sycamore announced in early June that its April-quarter earnings report would be delayed as the optical equipment vendor conducted an internal investigation of the accounting of stock options granted between 1999 and 2001. The investigation includes questions regarding whether additional stock compensation expenses should have been recorded for some option grants.

That investigation is "nearing completion," Sycamore said today, adding an assurance that whatever conclusions the investigation illuminates, they will require no material adjustment to the company's historical revenue or cash.

Sycamore also released some preliminary figures on its third-quarter earnings today but cautioned that they could be subject to change pending the completion of the investigation. The company reported estimated revenue of $17.8 million for the quarter ending April 30, a 21% increase from the year-earlier quarter. It estimated having cash and equivalents totaling $948.9 million at the end of April, a decrease of $100,000 from the prior quarter.

Sycamore began consulting with Morgan Stanley a year ago to pursue "strategic alternatives" including a sale or merger but has found none yet. In June, the Nasdaq exchange threatened to delist the company's stock as a result of its filing delays. Sycamore has asked for an extension.