News Article
Oclaro incomes bomb in latest quarter
The firm has reported operating losses of $6.2 million and net losses of $9.4 million for its latest quarter ended 2 April 2011.
Oclaro, a provider of innovative optical communications and laser solutions, has announced the financial results for its third quarter of fiscal year 2011, which ended April 2, 2011.
"Oclaro has continued to invest in its new product pipeline while certain telecom customers have experienced a short-term inventory correction," said Alain Couder, president and CEO of Oclaro.
"We expect the slowdown to continue through our upcoming fiscal fourth quarter. Our planned new products are expected to provide revenue growth and gross margin traction in the second half of the calendar year. We also remain confident in the second half because of the continued strong demand for broadband in the core optical market, and the increasing reliance on optical functionality throughout the network."
Revenues for Q3 FY 2011 were $116.6 million for the third quarter of fiscal 2011, compared to $120.3 million in the second quarter of fiscal 2011. GAAP gross margin was 25% for the third quarter of fiscal 2011, compared to 30% in the second quarter of fiscal 2011.
GAAP operating loss was $6.2 million for the third quarter of fiscal 2011, compared to GAAP operating income of $1.6 million in the second quarter of fiscal 2011.
Adjusted EBITDA was $1.1 million for the third quarter of fiscal 2011, compared to $10.1 million in the second quarter of fiscal 2011. GAAP net loss for the third quarter of fiscal 2011 was $9.4 million, compared to net loss of $0.2 million in the second quarter of fiscal 2011.
Cash, cash equivalents and restricted cash were $75.7 million as of April 2, 2011 compared to $78.1 million as of January 2, 2011.
For the fourth quarter of fiscal 2011, which ends July 2, 2011, Oclaro expects revenues in the range of $105 million to $115 million and adjusted EBITDA in the range of negative $6.5 million to negative $1.5 million.
Oclaro held a conference call to discuss financial results for the third quarter of fiscal 2011. The replay may be accessed by dialling (858) 384-5517
The passcode for the replay is 4429507. A webcast of this call will also be available in the investors section of Oclaro's website at www.oclaro.com .
