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Oclaro Announces First Quarter Fiscal Year 2017 Financial Results

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 Adjusted EBITDA of $19.2 million in the fourth quarter of fiscal 2016, and Adjusted EBITDA of $4.2 million in the first quarter of fiscal 2016.
  • Cash, cash equivalents, and restricted cash were $229.3 million at October 1, 2016.

Second Quarter Fiscal Year 2017 Outlook

The guidance for the quarter ending December 31, 2016 is:

  • Revenues in the range of $146 million to $154 million.
  • Non-GAAP gross margin in the range of 33% to 36%.
  • Non-GAAP operating income in the range of $22 million to $26 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, we have not provided reconciliations from non-GAAP to GAAP for our outlook. Certain elements of such reconciliations, such as 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 and other costs and contingencies unrelated to our current and future operations, are highly variable and we are not able to forecast these items within a meaningful range. We are better able to forecast stock-based compensation and amortization of other intangible assets, the two largest elements of such reconciliation, and we expect those elements to be approximately $2.7 million and $0.3 million, respectively, for the second quarter. 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 first quarter fiscal year 2017 today at 2:00 p.m. PT/5:00 p.m. ET. To listen to the live conference call, please dial (913) 312-1383. A replay of the conference call will be available through November 15, 2016. To access the replay, dial (412) 317-6671. The passcode for the replay is 9923338.

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 leader in optical components and modules for the long-haul, metro and data center markets. Leveraging more than three decades of laser technology innovation and photonics integration, Oclaro provides differentiated solutions for optical networks and high-speed interconnects driving the next wave of streaming video, cloud computing, application virtualization 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 first quarter of fiscal year 2017 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 quarter ending December 31, 2016 regarding revenues, non-GAAP gross margin, and non-GAAP operating income, (ii) the growth of Oclaro's 100G and beyond product revenues, and (iii) Oclaro's future financial performance and operating prospects. Such statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will,"...


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