Balance sheet displays Bookham's cash boost
Bookham posted increased revenue figures and a substantial improvement to its cash position for the financial quarter that ended on October 1.
The San Jose company, which manufactures InP chips for optical applications at its Caswell, UK, facility, netted $62.6 million in sales, an increase of 44% compared with the equivalent period one year ago.
That increase is largely due to the new supply agreement agreed earlier in the year with key customer Nortel.
With operating expenses being driven down thanks partly to increased output from Bookham's Chinese test and packaging site, as well as a reduction in UK headcount, the company is also getting nearer to financial break-even.
Including a one-time tax break of nearly $12 million relating to a sideline in aircraft leasing (see related story) in its latest accounts, Bookham reported a net loss of just $0.5 million.
Following that tax break and a recent sale of land in the UK, the company's balance sheet now shows $43 million in cash and cash equivalents, up from $32.3 million just three months ago.
And the balance sheet will receive a further boost thanks to Bookham's latest public offering of stock. Net of underwriting fees, the sale of 11.25 million shares raised approximately $50.2 million.
Bookham's management added that it now expects revenue of around $60 million in the current quarter, as Nortel sales begin an expected decline.
