News Article
Oclaro slashes Q3 revenue guidance by 8%
The firm now expects to hit $116.5 million rather than $123 million to $131 million for Q3 fiscal 2011. Oclaro will hold a conference call to discuss its financial results on April 28, 2011.
Oclaro, a provider of optical communications and laser products, has announced it currently expects revenues for the third quarter of fiscal 2011, ended April 2, 2011, to be approximately $116.5 million.
This compares with revenue of $120.3 million in the second quarter of fiscal 2011, ended January 1, 2011, and compares with the estimate of $123 million to $131 million the Company provided on January 27, 2011.
The revenue shortfall from the previous estimate resulted primarily from inventory corrections among certain of the Company's telecom customers that began during the quarter and continued through the end of the quarter. The Company also expects a correlation between this lowered revenue estimate for the quarter, and the estimated level of gross margins and Adjusted EBITDA for the quarter.
The Company currently has a cautious short term view of revenues for its quarter ended July 2, 2011, however it remains confident in the solid fundamentals of its business. This confidence is based on an expected book-to-bill ratio of approximately 1:1 in telecom for the third fiscal quarter, with particular booking strength late in the quarter, as well as scheduled new product introductions and the Company's belief in the fundamental underlying demand for broadband.
Oclaro cautions that its anticipated revenue results are preliminary and based on the best information currently available and are subject to completion of the financial statements for the third quarter of fiscal 2011. The Company will announce its financial results for the third quarter of fiscal 2011 on April 28, 2011.
Conference Call to Discuss Q3 Fiscal 2011 Financial Results on April 28, 2011
Oclaro will hold a conference call to discuss financial results for the third quarter of fiscal 2011 on Thursday, April 28, 2011 at 1:30 p.m. PT/4:30 p.m. ET.
The live conference call may be accessed by dialling (480) 629-9712
A replay of the conference call will be available through May 5, 2011. The replay may be accessed by dialling (858) 384-5517
The passcode for the replay is 4429507. A webcast of this call will be available in the investors section of Oclaro's website at www.oclaro.com.
