Oclaro posts third consecutive quarter of growth
Oclaro, a provider of optical communications solutions, has announced financial results for Q3 2016, which ended March 26, 2016.
"The March quarter represents our third consecutive quarter of approximately 7 percent sequential revenue growth. In addition, in spite of the seasonal price reductions, we delivered strong gross margin and operating income. These results are a testament to our improved execution and the strength of our 100G product lines, which grew by 18 percent over Q2," said Greg Dougherty, CEO, Oclaro.
 "During the quarter, we launched production from Asia of our CFP2-ACO product. We expect the ramp of the ACO, and increase in capacity for both our client and line side 100G portfolios, will drive further improvement in our financial results for the June quarter and the rest of this calendar year."
Revenues were $101.1 million for Q3 2016, compared with $94.1 million in Q2 2016, and $83.0 million in Q3 2015. GAAP gross margin was 26.7 percent for Q3 2016, compared with  28.3 percent in Q2 2016, and 15.3 percent in Q3 2015. Non-GAAP gross margin was 27.2 percent for  Q3 2016, compared with 28.8 percent in  Q2 2016, and 15.8 percent in Q3 2015.
GAAP operating income was $2.5 million for Q3 2016, compared with $2.5 million in Q2 2016, and an operating loss of $13.4 million in Q3 2015. Non-GAAP operating income was $4.6 million for Q3 2016, compared with $5.3 million in the Q2 2016, and an operating loss of $9.5 million in Q3 2015.
GAAP net income for the Q3 2016 was $0.1 million. This compares with $0.2 million in Q2 2016, and a GAAP net loss of $10.2 million in Q3 2015. Non-GAAP net income for the Q3 2016 was $2.9 million, compared with  $3.1 million in the Q2 2016, and a net loss of $9.6 million in Q3 2015.
Adjusted EBITDA was $8.5 million for Q3 2016, compared with $9.0 million in Q2 2016, and negative Adjusted EBITDA of $5.3 million in Q3 2015.
Cash, cash equivalents, and restricted cash were $106.8 million at March 26, 2016.
Outlook
The guidance for the quarter ending July 2, 2016 is for revenues in the range of $115 million to $123 million; non-GAAP gross margin in the range of 27 percent to 30 percent; and non-GAAP operating income in the range of $7 million to $11 million.
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