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Oclaro Announces Second Quarter Fiscal Year 2013 Financial Results


2/1/2013 6:28:49 AM

SAN JOSE, Calif., Jan. 31, 2013 /PRNewswire/ -- Oclaro, Inc. (NASDAQ: OCLR), a provider of optical components, modules and subsystems, today announced the financial results for its second quarter of fiscal year 2013, which ended December 29, 2012.

"Our financial results for the second quarter of fiscal 2013 demonstrate the progress we are making after the merger," said Alain Couder, chairman and CEO. "Our revenues were at the top-end of guidance and we have successfully executed to the planned synergies on schedule. We also took action to strengthen our balance sheet. Looking ahead, market and economic conditions remain uncertain in a typically softer March quarter. As a result, our efforts will remain focused on reducing operating expenses and improving margin, as well as capitalizing on our new product introductions and strong customer relationships to maximize revenues."

Results for the Second Quarter of Fiscal 2013:

Oclaro closed its merger with Opnext, Inc. on July 23, 2012. The financial results for the second quarter of fiscal 2013 include a full quarter of operating results of Opnext. The financial results for the first quarter of fiscal 2013 include approximately ten weeks of operating results of Opnext since the closing of the merger. Results for the second quarter of fiscal 2012 were pre-merger Oclaro and do not include the operating results of Opnext.

Revenues were $159.5 million for the second quarter of fiscal 2013, compared with revenues of $148.8 million in the first quarter of fiscal 2013. Pro forma combined revenues for the first quarter of fiscal 2013, including Opnext for the full quarter, were $160.2 million.

GAAP gross margin was 13% for the second quarter of fiscal 2013, compared with a GAAP gross margin of 12% in the first quarter of fiscal 2013.

Non-GAAP gross margin was 15% for the second quarter of fiscal 2013, compared with a non-GAAP gross margin of 13% in the first quarter of fiscal 2013.

GAAP operating loss was $6.7 million for the second quarter of fiscal 2013, which included a $25.0 million gain on the sale of assets related to our interleaver product line and our thin film filter business. This compares with a GAAP operating loss of $47.4 million in the first quarter of fiscal 2013.

Non-GAAP operating loss was $23.1 million for the second quarter of fiscal 2013, compared with a non-GAAP operating loss of $29.4 million in the first quarter of fiscal 2013.

GAAP net loss for the second quarter of fiscal 2013 was $12.2 million, and included a $25.0 million gain on the sale of assets related to our interleaver product line and our thin film filter business. This compares with a GAAP net loss of $9.4 million in the first quarter of fiscal 2013, which included a gain on bargain purchase of $39.5 million related to the acquisition of Opnext.

Non-GAAP net loss for the second quarter of fiscal 2013 was $25.2 million, and excluded a $25.0 million gain on the sale of assets related to our interleaver product line and our thin film filter business. This compares with a non-GAAP net loss of $31.1 million in the first quarter of fiscal 2013, which excluded a gain on bargain purchase of $39.5 million related to the acquisition of Opnext.

Adjusted EBITDA was negative $13.2 million for the second quarter of fiscal 2013, compared with negative $20.6 million in the first quarter of fiscal 2013.

Cash, cash equivalents and restricted cash were $96.0 million at December 29, 2012. On January 23, 2013, Silicon Valley Bank (SVB) and Wells Fargo entered into a Joinder Agreement pursuant to the Second Amended and Restated Credit Agreement, dated as of November 2, 2012. Pursuant to the Joinder Agreement, SVB agreed to become an additional Lender under the Credit Agreement, and the Lenders agreed to increase the revolving credit facility under the Credit Agreement from $50 million to $80 million.

Third Quarter Fiscal Year 2013 Outlook

The results of Oclaro for the third quarter of fiscal 2013, which ends March 30, 2013, are expected to be:

Revenues in the range of $140 million to $155 million. Non-GAAP gross margin in the range of 10% to 14%. Adjusted EBITDA in the range of negative $25 million to negative $13.5 million.

The foregoing guidance is based on current expectations. These statements are forward looking, and actual results may differ materially. Please see the Safe Harbor Statement in this earnings release for a description of certain important risk factors that could cause actual results to differ, and refer to Oclaro's most recent annual and quarterly reports on file with the Securities and Exchange Commission (SEC) for a more complete description of these risks. Furthermore, our outlook excludes items that may be required by GAAP, including, but not limited to, restructuring and related costs, acquisition or disposal related costs, any additional flood-related expenses, expenses or income from certain legal actions, settlements and related costs outside our normal course of business, impairments of other long-lived assets, depreciation and amortization, extraordinary items, as well as the expensing of stock options and restricted stock grants. We do not intend to update this guidance as a result of developments occurring after the date of this release.

Conference Call

Oclaro will hold a conference call to discuss financial results for the second quarter of fiscal 2013 today at 1:30 p.m. PT/4:30 p.m. ET. To listen to the live conference call, please dial (480) 629-9665. A replay of the conference call will be available through February 7, 2013. To access the replay, dial (858) 384-5517. The passcode for the replay is 4593179. A webcast of this call and a supplemental presentation will be available in the investor section of Oclaro's website at www.oclaro.com.

About Oclaro

Oclaro, Inc. (NASDAQ: OCLR) is one of the largest providers of lasers and optical components, modules and subsystems for the optical communications, industrial and consumer laser markets. The company is a global leader dedicated to photonics innovation, with cutting-edge research and development (R&D) and chip fabrication facilities in the U.S., U.K., Italy, Switzerland, Israel, Korea and Japan. It has in-house and contract manufacturing sites in China, Malaysia and Thailand, with design, sales and service organizations in most of the major regions around the world. For more information, visit http://www.oclaro.com. Copyright 2013. All rights reserved. Oclaro, the Oclaro logo, and certain other Oclaro trademarks and logos are trademarks and/or registered trademarks of Oclaro, Inc. or its subsidiaries in the U.S. and other countries. Information in this release is subject to change without notice.

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