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gross margin was 28% in the third quarter of fiscal 2010. Non-GAAP operating income was $9.6 million, or 8.5% of revenues, for the fourth quarter of fiscal 2010, exceeding the 5% of revenues target announced during the April 2009 merger of Bookham and Avanex. Non-GAAP operating income was $3.2 million, or 3.2% of revenues, in the third quarter of fiscal 2010.


The Company acquired Mintera Corporation in a deal announced and closed July 21, 2010. Oclaro has a target model for the high speed transmission business of Mintera of gross margins of 40% to 45% and non-GAAP operating margins of 20% to 25%. GAAP revenues were $392.5 million for fiscal 2010, compared to $210.9 million in FY 2009. Gross margin was 28% for fiscal 2010, compared to 22% for the previous year. Operating income was $4.8 million for fiscal 2010, compared to a GAAP operating loss of $34.8 million in fiscal 2009. GAAP net income for fiscal 2010 was $12.4 million, compared to a GAAP net loss of $32.2 million in fiscal 2009. Adjusted EBITDA was $26.5 million for fiscal 2010, compared to negative $1.0 million in fiscal 2009.


In the next quarter ending October 2, 2010 (Q1 FY 2011), Oclaro expects revenues in the range of $120 million to $126 million. This includes approximately $3 million to $4 million of revenues from Mintera.


Oclaro also anticipates a non-GAAP gross margin in the range of 31% to 33% for the next quarter (as compared to 31% in Q4 FY 2010). The firm also predicts an adjusted EBITDA in the range of $12.5 million to $15.5 million (as compared to $12.3 million for Q4 FY 2010).


AXT Reap Rewards with $23.2 Million Revenue for Q2 2010


The demand for gallium arsenide substrates and raw material continues to grow at a healthy pace, fueled by strong sales of wireless devices and the increasing worldwide adoption and investment into LED technology.


AXT, a leading manufacturer of compound semiconductor substrates has reported financial


August/September 2010 www.compoundsemiconductor.net 199


results for the second quarter ended June 30, 2010. Revenue Q2 2010 was $23.2 million, compared with $18.6 million in the first quarter of 2010, and $13.1 million for Q2 2009. Income from operations for the second quarter of 2010 was $5.0 million compared with income from operations of $2.9 million in the first quarter of 2010, and loss from operations of $1.3 million in the second quarter of 2009.


Net interest and other income for the second quarter of 2010 was $1.6 million, which included $1.2 million, net, sales tax refund and an unrealized foreign exchange gain of $230,000. This compares with net interest and other income of $94,000 in the first quarter of 2010, which included $120,000 gain on investment notes that matured and an unrealized foreign exchange loss of $68,000, and net interest and other income of $321,000 in the second quarter of 2009, which included an unrealized foreign exchange gain of $183,000 and an investment gain of $138,000 from equity in its two unconsolidated joint ventures.


Net income in Q2 2010 was $5.5 million or $0.17 per diluted share. Excluding the $1.2 million, net, sales tax refund or $0.04 per diluted share, its net income in Q2 2010 was $4.3 million or $0.13 per diluted share compared with net income of $2.6 million or $0.08 per diluted share in the previous quarter, and with a net loss of $1.3 million, or loss of $0.05 per diluted share in the second quarter of 2009.


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