Revenue edges up as Bookham consolidates fabs
Optical components manufacturer Bookham Technology, UK, recorded £23.1 million ($37.1 million) in revenue for the quarter ended 28 September.
The figure is a 10% increase on the previous quarter, but £14.6 million in restructuring charges associated with the closure of its Ottawa and Milton fabrication facilities saw net loss increase to £29.2 million.
With a cash burn of £22.9 million for the latest quarter, Bookham’s cash reserves now stand at £47.9 million, down from £105.4 million at the start of this year.
Commenting on the results, Giorgio Anania, Bookham’s president and CEO, said: “In this quarter, we made substantial progress on many operational fronts. Revenues are up sequentially by 10% and the cost structure has been significantly improved, continuing the trend of the past few quarters.”
“We achieved a major operational step forward with the completion of the consolidation of the Ottawa fab and the transfer of production to our Caswell facility. We saw continued progress with key customers and announced three strategic acquisitions, two of which were completed in the quarter.”
Bookham remains heavily dependent on its two key customers – Nortel Networks and Marconi Communications – who between them accounted for 71% of the company’s revenue.
Bookham said that it expects revenue to increase by 3-10% in the next quarter, with an anticipated cash burn of less than £10 million. The final quarter of the year should also see Bookham complete its acquisition of the non-telecoms photonics company New Focus, US. Should shareholders and regulators approve the deal, Bookham will net approximately £65 million in cash reserves.
