News Article
Oclaro On the Up with Revenues of $121.3 million for Q1 FY2011
The firm’s revenues have increased to $121M and it has achieved an adjusted EBITDA of $10.9 million.
Oclaro, a leading provider of high-performance core optical network components, modules and subsystems, has announced the financial results for its first quarter of fiscal year 2011, which ended October 2, 2010.
"We are proud of our 43% year on year growth for the quarter. However, we experienced a slowdown in the rate of revenue growth in late September. Accordingly, our guidance for the December quarter is cautious," said Alain Couder, President and CEO, Oclaro. "We continue to have confidence in our position in the market and believe the growth prospects for Oclaro and our customers in 2011 continue to be strong."
Revenues were $121.3 million for the first quarter of fiscal 2011, compared to $112.7 million in the fourth quarter of fiscal 2010. Telecom revenues were up over 9% compared to the prior quarter.
GAAP gross margin was 29% for the first quarter of fiscal 2011, compared to 30% in the fourth quarter of fiscal 2010. GAAP operating income was $5.0 million for the first quarter of fiscal 2011, compared to $8.6 million in the fourth quarter of fiscal 2010.
Adjusted EBITDA was $10.9 million for the first quarter of fiscal 2011, compared to $12.3 million in the fourth quarter of fiscal 2010.
GAAP net income for the first quarter of fiscal 2011 was $0.4 million, compared to $10.6 million in the fourth quarter of fiscal 2010.
Cash, cash equivalents, restricted cash and short-term investments were $94.0 million as of October 2, 2010. Oclaro paid $12.0 million in cash in the first quarter of fiscal 2011 to acquire Mintera Corporation.
Oclaro expects for the second quarter of fiscal 2011, which ends 1 January 2011, that revenues will be in the range of $116 million to $124 million and that adjusted EBITDA will be between $6 million and $11 million.
Conference Call
Oclaro will hold a conference call to discuss financial results for the first quarter of fiscal 2011 today at 5:30 a.m. PT/8:30 a.m. ET.
The live conference call my be accessed by dialing (480) 629-9810
A replay of the conference call will be available through November 4, 2010. To access the replay, dial (858) 384-5517. The conference code for the replay is 4372416. A webcast of this call will be available in the investors section of Oclaro's website.
Oclaro provides optical communications and laser components, modules and subsystems for a broad range of diverse markets, including telecommunications, industrial, scientific, consumer electronics, and medical. Oclaro is a global leader, dedicated to photonics innovation with cutting-edge chip fabrication facilities in the U.K., Switzerland and Italy, and in-house and contract manufacturing sites in the U.S., Thailand and China.
