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Oclaro Announces First Quarter Fiscal Year 2017 Financial Results

SAN JOSE, Calif., Nov. 1, 2016 /PRNewswire/ -- Oclaro, Inc. (OCLR), a leading provider and innovator of optical communications solutions, today announced the financial results for its first quarter of fiscal year 2017, which ended October 1, 2016.

"The September quarter again demonstrated the continued strong performance of the Company and the vitality of the global 100G market. We exceeded our guidance in all areas, with revenue of $135 million producing higher than forecasted gross margin and operating income. I am particularly pleased by our gross margin of 34 percent and our GAAP and non-GAAP operating income of $18 million and $21 million, respectively. These results were driven by our 100G and beyond portfolio, where sales grew by approximately 20 percent for the fifth consecutive quarter," said Greg Dougherty, Chief Executive Officer, Oclaro. "Based on the projected growth prospects for the data center, China and Metro markets, we expect customer demand for our highly differentiated 100G and beyond portfolio to remain strong in fiscal 2017."

Results for the First Quarter of Fiscal 2017

  • Revenues were $135.5 million for the first quarter of fiscal 2017, and compare with revenues of $125.2 million in the fourth quarter of fiscal 2016, which was a 14 week quarter, and revenues of $87.6 million in the first quarter of fiscal 2016.
  • GAAP gross margin was 34.2% for the first quarter of fiscal 2017, compared with GAAP gross margin of 32.1% in the fourth quarter of fiscal 2016, and a GAAP gross margin of 25.9% in the first quarter of fiscal 2016.
  • Non-GAAP gross margin was 34.4% for the first quarter of fiscal 2017, compared with non-GAAP gross margin of 32.4% in the fourth quarter of fiscal 2016, and a non-GAAP gross margin of 26.4% in the first quarter of fiscal 2016.
  • GAAP operating income was $17.9 million for the first quarter of fiscal 2017. This compares with GAAP operating income of $12.8 million in the fourth quarter of fiscal 2016, and a GAAP operating loss of $2.0 million in the first quarter of fiscal 2016.
  • Non-GAAP operating income was $20.9 million for the first quarter of fiscal 2017, compared with non-GAAP operating income of $14.9 million in the fourth quarter of fiscal 2016, and non-GAAP operating income of $0.4 million in the first quarter of fiscal 2016.
  • GAAP net income for the first quarter of fiscal 2017 was $3.4 million. This compares with GAAP net income of $11.8 million in the fourth quarter of fiscal 2016, and a GAAP net loss of $3.5 million in the first quarter of fiscal 2016.
  • Non-GAAP net income for the first quarter of fiscal 2017 was $20.0 million. This compares with non-GAAP net income of $14.4 million in the fourth quarter of fiscal 2016, and a non-GAAP net loss of $1.6 million in the first quarter of fiscal 2016.
  • Adjusted EBITDA was $25.6 million for the first quarter of fiscal 2017, compared with...

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