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Oclaro Announces Third Quarter Fiscal Year 2016 Financial Results

SAN JOSE, Calif., May 3, 2016 /PRNewswire/ -- Oclaro, Inc. OCLR, +1.39% a leading provider and innovator of optical communications solutions, today announced the financial results for its third quarter of fiscal year 2016, which ended March 26, 2016.

"The March quarter represents our third consecutive quarter of approximately 7 percent sequential revenue growth. In addition, in spite of the seasonal price reductions, we delivered strong gross margin and operating income. These results are a testament to our improved execution and the strength of our 100G product lines, which grew by 18% over Q2," said Greg Dougherty, Chief Executive Officer, Oclaro. "During the quarter, we launched production from Asia of our CFP2-ACO product. We expect the ramp of the ACO, and increase in capacity for both our client and line side 100G portfolios, will drive further improvement in our financial results for the June quarter and the rest of this calendar year."

Results for the Third Quarter of Fiscal 2016

  • Revenues were $101.1 million for the third quarter of fiscal 2016, compared with revenues of $94.1 million in the second quarter of fiscal 2016, and revenues of $83.0 million in the third quarter of fiscal 2015.
  • GAAP gross margin was 26.7% for the third quarter of fiscal 2016, compared with GAAP gross margin of 28.3% in the second quarter of fiscal 2016, and a GAAP gross margin of 15.3% in the third quarter of fiscal 2015.
  • Non-GAAP gross margin was 27.2% for the third quarter of fiscal 2016, compared with non-GAAP gross margin of 28.8% in the second quarter of fiscal 2016, and a non-GAAP gross margin of 15.8% in the third quarter of fiscal 2015.
  • GAAP operating income was $2.5 million for the third quarter of fiscal 2016. This compares with GAAP operating income of $2.5 million in the second quarter of fiscal 2016, and a GAAP operating loss of $13.4 million in the third quarter of fiscal 2015.
  • Non-GAAP operating income was $4.6 million for the third quarter of fiscal 2016, compared with non-GAAP operating income of $5.3 million in the second quarter of fiscal 2016, and a non-GAAP operating loss of $9.5 million in the third quarter of fiscal 2015.
  • GAAP net income for the third quarter of fiscal 2016 was $0.1 million. This compares with GAAP net income of $0.2 million in the second quarter of fiscal 2016, and a GAAP net loss of $10.2 million in the third quarter of fiscal 2015.
  • Non-GAAP net income for the third quarter of fiscal 2016 was $2.9 million. This compares with non-GAAP net income of $3.1 million in the second quarter of fiscal 2016, and a non-GAAP net loss of $9.6 million in the third quarter of fiscal 2015.
  • Adjusted EBITDA was $8.5 million for the third quarter of fiscal 2016, compared with Adjusted EBITDA of $9.0 million in the second quarter of fiscal 2016, and negative Adjusted EBITDA of $5.3 million in the third quarter of fiscal 2015.
  • Cash, cash equivalents, and restricted cash were $106.8 million at March 26, 2016.

Fourth Quarter Fiscal Year 2016 Outlook (14 Week Quarter)

The guidance for the quarter ending July 2, 2016 is:

  • Revenues in the range of $115 million to $123 million.
  • Non-GAAP gross margin in the range of 27% to 30%.
  • Non-GAAP operating income in the range of $7 million to $11 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, 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 third quarter of fiscal year 2016 today at 2:00 p.m. PT/5:00 p.m. ET. To listen to the live conference call, please dial (913) 981-5539. A replay of the conference call will be available through May 17, 2016. To access the replay, dial (858) 384-5517. The passcode for the replay is 4454824. 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. OCLR, +1.39% is a leader in optical components, modules and subsystems for the core optical, enterprise and data center markets. Leveraging more than three decades of laser technology innovation, photonics integration, and subsystem design, Oclaro's solutions are at the heart of the fast optical networks and high-speed interconnects driving the next wave of streaming video, cloud computing, voice over IP and other bandwidth-intensive and high-speed applications. For more information, visit www.oclaro.com or follow on Twitter at @OclaroInc.

Copyright 2016. 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 US and other countries. All other trademarks are the property of their respective owners. Information in this release is subject to change without notice.

Safe Harbor Statement This press release, in association with Oclaro's third quarter of fiscal year 2016 financial results conference call, contains statements about management's future expectations, plans or prospects of Oclaro and its business, and together with the assumptions underlying these statements, constitute forward-looking statements for the purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements concerning (i) financial guidance for the fiscal...


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