Sycamore Networks board approves $10 per share special dividend

Sept 20 (Reuters) - Communications equipment provider Sycamore Networks said its board approved a special cash distribution of $10 per common share.

The company, which has cash and investments of $439.4 million, will distribute nearly $300 million to shareholders. It has about 28.9 mln shares outstanding, according to Thomson Reuters data.

Sycamore will distribute the cash on Oct. 11 to stockholders of record as of Oct. 1.

Sycamore, which counts Verizon Communications and Sprint Nextel among its customers, also reported fourth-quarter revenue of $16.8 million, up from $13 million a year earlier.

Shares of the Chelmsford, Massachusetts-based company, which has a market value of $431.2 million, closed at $14.66 on the Nasdaq on Wednesday.