news digest ♦ compound semiconductor ♦ financial news
Oclaro Better Than OK with $112.7 Million Revenue for Q4 FY 2010
Oclaro, the product of the merger of Avanex and Bookham, has had a great year with the acquisition of Mintera and expects $120 million to $126 million revenue in the next quarter.
Oclaro, a provider of optical components, modules and subsystems has announced the financial results for its fourth quarter and fiscal year 2010, which ended July 3, 2010.
GAP Loss from continuing operations for the second quarter of 2010 was $2.8 million, or $0.29 per share. Loss from continuing operations for the second quarter of 2010 included a $1.5 million write-down of inventory primarily related to a key customer’s legacy product line.
This compares with a loss from continuing operations of $1.3 million, or $0.13 per share in the prior quarter, and a loss from continuing operations of $2.0 million or $0.21 per share in the second quarter of fiscal 2009. On April 30, 2009, Endwave sold its Defense and Security RF module business (D&S). As a result, the Company’s financial statements reflect the D&S business as a discontinued operation.Cash, cash equivalents and investments as of June 30, 2010 were $27.5 million, compared with $29.4 million as of March 31, 2010.
“We are proud to have been profitable on a non- GAAP operating income basis for our first year as Oclaro, our adjusted EBITDA has increased each quarter, and our operating margins continue to trend upwards,” said Alain Couder, president and CEO of Oclaro. “Our technology differentiation and product breadth are creating new opportunities for Oclaro; and so we believe our growth will continue through 2010 and that calendar 2011 is shaping up to be a strong growth year.”
“We are disappointed that the fall-off in demand for a key legacy product was more abrupt than anticipated. This demand shortfall is expected to continue to impact our revenues over the next few quarters. However, demand for our new module designs supporting next generation, high capacity, IP-based radios has continued to improve, and we see positive signs from our new microwave and millimeter wave integrated circuit (MMIC) product line,” said John Mikulsky, Endwave’s President and CEO..
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www.compoundsemiconductor.net August/September 2010
GAAP revenues were $112.7 million for the fourth quarter of fiscal 2010 and telecom revenues were up over 13% compared to the prior quarter. For Q4 FY 2010, gross margin was 30%, operating income was $8.6 million and net income was $10.6 million. Adjusted EBITDA was $12.3 million for the fourth quarter of fiscal 2010, compared to $5.8 million in the third quarter of fiscal 2010, an increase of well over 100%.
Non-GAAP gross margin was 31% for the fourth quarter of fiscal 2010, exceeding the 30% target announced during the April 2009 merger of Bookham and Avanex Corporation. Non-GAAP
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