SAN JOSE, Calif., Jan. 26, 2012 /PRNewswire/ -- Oclaro, Inc. (NASDAQ: OCLR), a tier-one provider of innovative optical communications and laser solutions, today announced the financial results for its second quarter of fiscal year 2012, which ended December 31, 2011.
In the second quarter of fiscal 2012, Oclaro achieved revenue at the high end of our previous guidance range, primarily due to our recovery efforts from the recent Thailand flooding, said Alain Couder, chairman and CEO of Oclaro. “We are pleased with our recovery progress thus far. We expect full commercial production by the end of March for three of our five affected product lines and within the June quarter for the remaining two. In spite of the flood, we remain focused on enabling Oclaro to emerge from this period better positioned than before, in terms of our market position on certain existing products, recent introductions and our pipeline of new products and new technologies.”
Highlights for Second Quarter Fiscal 2012:
- Revenues were $86.5 million for the second quarter of fiscal 2012, compared to revenues of $105.8 million in the first quarter of fiscal 2012. While above the high end of the Companys guidance for the quarter, revenues and operating results for the quarter were materially impacted by the flood in Thailand.
- GAAP gross margin was 13% for the second quarter of fiscal 2012, compared to a GAAP gross margin of 23% in the first quarter of fiscal 2012.
- Non-GAAP gross margin was 13% for the second quarter of fiscal 2012, compared to a non-GAAP gross margin of 23% in the first quarter of fiscal 2012.
- GAAP operating loss was $33.6 million for the second quarter of fiscal 2012, which included $9.1 million flood-related write-offs and expenses due to the flooding in Thailand, compared to a GAAP operating loss of $10.2 million in the first quarter of fiscal 2012.
- Non-GAAP operating loss was $18.9 million, or 22% of revenues, for the second quarter of fiscal 2012, compared to a non-GAAP operating loss of $9.6 million, or 9% of revenues, in the first quarter of fiscal 2012.
- Adjusted EBITDA was negative $14.3 million for the second quarter of fiscal 2012, compared to negative $4.5 million in the first quarter of fiscal 2012.
- GAAP net loss for the second quarter of fiscal 2012 was $31.1 million, which included $9.1 million flood-related write-offs and expenses due to the flooding in Thailand, compared to a GAAP net loss of $10.2 million in the first quarter of fiscal 2012.
- Non-GAAP net loss for the second quarter of fiscal 2012 was $17.7 million, compared to a non-GAAP net loss of $11.0 million in the first quarter of fiscal 2012.
- Cash, cash equivalents and restricted cash were $54.2 million as of December 31, 2011 compared to $51.7 million at the end of September. No additional amounts were drawn under the Companys $45 million credit facility in the quarter.
Third Quarter Fiscal 2012 Outlook
The results of Oclaro, Inc. for the third quarter of fiscal 2012, which ends March 31, 2012, are expected to be:
- Revenues in the range of $90 million to $97 million.
- Non-GAAP gross margin in the range of 14% to 19%.
- Adjusted EBITDA in the range of negative $13.5 million to negative $9 million.
The foregoing guidance is based on current expectations, including the impact to our operations and financial conditions attributable to the flooding in Thailand. 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, Inc.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, flood-related write-offs and 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 2012 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 2, 2012. To access the replay, dial (858) 384-5517. The passcode for the replay is 4506880. 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 a tier-one provider of optical communications and laser components, modules and subsystems for a broad range of diverse markets, including telecommunications, industrial, scientific, consumer electronics, and medical. Oclaro is a global leader, dedicated to photonics innovation with cutting-edge research and development (R&D) and chip fabrication facilities in the U.K., Switzerland and Italy, and in-house and contract manufacturing sites in the U.S., Thailand and China. To support its diverse and global customer base, Oclaro maintains design, sales and service organizations in each of the major regions around the world. For more information visit www.oclaro.com.
Copyright 2012. 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.
