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Oclaro Announces Net Losses of $0.2 million

Despite revenues of $120.3 million for the second quarter of fiscal 2011, the company lost out overall.

Oclaro, a provider of innovative optical communications and lasers, has announced the financial results for its second quarter of fiscal year 2011, which ended January 1, 2011. 

"We delivered to our key financial metrics in the December quarter as expected," said Alain Couder, president and CEO, Oclaro. "The strategic tone and tenure of the recent annual allotment and pricing process with major customers was positive. Market conditions remain strong, and we are expecting revenue growth in the seasonally softer March quarter."



 Revenues were $120.3 million for the second quarter of fiscal 2011 and GAAP gross margin was 30%.

GAAP operating income was $1.6 million and adjusted EBITDA was $10.1 million.

GAAP net loss for the second quarter of fiscal 2011 was $0.2 million, compared to GAAP net income of $0.4 million in the first quarter of fiscal 2011. Cash, cash equivalents and restricted cash were $78.1 million as of January 1, 2011.

Within the quarter Oclaro conducted a well-attended analyst day at the NASDAQ MarketSite emphasising the depth of its technology, the strength of its customer relationships and the positioning of its product portfolio for continuing growth through calendar 2011 and beyond.

"We are entering a new phase following the integration of our past acquisitions. After successfully maintaining design momentum we are now focused on ramping new products across many of our key markets," said Alain Couder.  "Consistent with those priorities, we have enhanced our organizational structure to simplify our customer interface and to strengthen our execution."

Oclaro has consolidated its divisions into two primary business units, led by two experienced optical industry executives. Jim Haynes, formerly COO, has been appointed President and General Manager of the new Photonic Components business unit. Terry Unter, formerly Executive VP of the Transmission Systems Solutions division, has been named President and General Manager of the new Optical Networks Solutions business unit.

In addition, Oclaro has added two senior executives to the management team. Gray Williams joins Oclaro as Executive VP, Supply Chain Operations and Quality and Bob Quinn joins Oclaro as Chief Information Officer.

For the third quarter of fiscal 2011 which ends April 2, Oclaro expects revenues in the range of $123 million to $131 million, non-GAAP gross margin in the range of 27% to 31% and adjusted EBITDA in the range of $6 million to $11 million.

Oclaro held a conference call to discuss financial results for Q2 FY 2011. A replay of the conference call will be available up to February 3, 2011.  The replay may be accessed by dialling: (858)384-5517              

The passcode for the replay is 4401353.

A webcast of the call will also be available in the investors section of Oclaro's website.
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