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Oclaro posts rising revenues

Revenues rise, quarter-on-quarter, as the optics supplier reports positive feedback on merger

US optics components supplier, Oclaro, reported a sequential increase in revenues for the fourth quarter of 2012, but an overall year-on-year decline for fiscal 2012. Revenues were $104.4 million for the fourth quarter of fiscal 2012, compared with revenues of $88.7 million in the third quarter of fiscal 2012. GAAP gross margin was 21% for the fourth quarter, versus 15% in the third quarter of fiscal 2012. GAAP operating loss for this quarter came in at $4.0 million, including approximately $11.7 million of gain on the sale of assets previously held for sale and $3.4 million of net Thailand flood-related income from insurance advances, net of additional write-offs and expenses. The figure represents an improvement over the third quarter, which saw a GAAP operating loss of $15.9 million, which also included $3.3 million of net flood-related income. "Our results for the fiscal fourth quarter were in line with our previously announced guidance ranges," said chief executive Alain Couder. "With the close of our merger with Opnext, we are well positioned as the number 2 player in the optical components, modules and subsystems market. Customer feedback on the merger is very positive.” “Moving forward we are focused on accelerating the synergies of our combined business and capitalizing on the strengths of our customer relationships, comprehensive product portfolio and technologies, which we will discuss in detail during our quarterly conference call later today,” he added. Looking ahead to the first quarter of fiscal 2013, and the first quarter of the its efforts to integrate the Opnext assets, management forecasted revenues in the range of $154 million to $168 million, non-GAAP gross margin in the range of 17% to 21%, and adjusted EBITDA in the range of negative $17.0 million to negative $8.0 million. Revenues were $385.5 million for fiscal 2012, compared with $466.5 million in fiscal 2011. Oclaro expects to see revenues in the range of $154 million to $168 million for the first quarter of fiscal 2013. 

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