Bookham Technology announces first quarter financial results
Revenues grew significantly in the first quarter 2002 to £5.6 million ($8.0 million), up 169% sequentially from fourth quarter 2001, and down 52% from first quarter 2001. Sales to Marconi, Nortel Networks and Fujitsu Telecom represented 55%, 15% and 10% of sales respectively.
The cash burn for the quarter was £22.2 million ($35.7 million) up from £14.9 million ($21.8 million) in the fourth quarter 2001, reflecting the anticipated level of investment in MOC, and acquisition-related one-time costs. The company s cash position remains strong, with £162.6 million ($234.2 million) at the end of the quarter.
Net loss for the quarter excluding one-time charges was £15.9 million ($22.9 million) compared with £14.1 million ($20.3 million) in fourth quarter 2001 and £10.1 million ($14.5 million) in first quarter 2001.
The company expects sequential quarter on quarter revenue growth for the remainder of the year, even in the absence of an upturn in market growth. The company continues to actively monitor its costs and expects to continue the trend of past quarters of reducing overhead costs and cash burn.
Commenting on the results, Giorgio Anania, President and CEO said, "We are pleased with our results for this quarter. With the acquisition of MOC, we believe we now have most of the key components required for next-generation optical networks. The company now has three disrupting technologies, each capable of significantly reducing optical component costs through integration.
"Our broader product portfolio makes us more relevant to our customers as they seek to reduce the number of suppliers they use. We have seen revenues beginning to grow again and product design-ins moving to the final stage of product qualification and look forward to beginning commercial production shortly thereafter."
Sharon Ostaszewska, Director of Communications
Tel: +44 1235 837000
E-mail: Sharon.Ostaszewska@bookham.com
Web site: http://www.bookham.com
