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Bookham cuts cash burn as weak dollar bites

The UK-based fiber-optic and RF components manufacturer racked up a $125 million loss in a year of consolidation.

Bookham Technology, UK, has reported revenue of £24 million ($40.5 million) for its fourth quarter, ended December 31 2003, and full-year revenue of $145.2 million for 2003.

The fourth-quarter revenue was up 9% on the previous quarter in terms of US Dollars, but the weakened currency cut into much of the increase, which was only 3.9% in Pounds Sterling. Net loss in the quarter was $9.3 million under US GAAP rules.

The full-year revenue was up 157% on the 2002 figure, reflecting the large reliance on sales to Nortel Networks, which represented 59% of sales in 2003. However, Bookham’s net loss also increased in 2003, to almost $125 million. These figures included charges of $24.6 million as a result of its extensive restructuring last year.

Bookham president and CEO Giorgio Anania said: “We continued to increase revenue, a trend which has now been positive for eight successive quarters.”

“Looking back over 2003, we have fully met our objectives of integrating and restructuring Nortel Networks Optical Components. We have also invested heavily in new products to generate the future growth that we require and to position ourselves for a rebound in the optical components market.”

Bookham reduced its cash burn to $15 million in the most recent quarter, down from $36.9 million previously. The company now holds $63.6 million in cash, a figure that should increase by $105 million when the proposed acquisition of New Focus is approved. The Securities and Exchange Commission (SEC) is currently investigating the deal, which includes space and military RF component and module maker JCA Technology.

In its outlook for the next quarter, Bookham said that it expected revenue to drop to between £20.5 and £22 million, partly as a result of the weak US Dollar.

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