News

25 July 2008

 

Bookham losses narrow towards positive cash flow in December quarter

For its fiscal fourth-quarter 2008 (to 28 June), optical component, module and subsystem manufacturer Bookham Inc of San Jose, CA, USA has reported revenue of $62.6m, up 39% on $45.1m a year ago and 5% on last quarter’s $59.7m. This was also at the top end of late April’s forecast of $58-63m.

Non-GAAP gross margin was 23% (excluding stock compensation expense of $0.6m), flat on last quarter but up from 17% a year ago. Nevertheless, operating loss has been cut from $14m a year ago and $6.7m last quarter to $4.7m, and n on-GAAP net loss has been cut from $10.8m a year ago and $3.4m last quarter to just $1.5m (excluding stock compensation expense of $0.6m), while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) has improved from -$6m a year ago and -$1.1m last quarter to just -$0.7m. Cash, cash equivalents, short term investments and restricted cash fell from $54.7m to $51.9m during the quarter.

For full-year fiscal 2008, revenue was $235.5m, up 16% on fiscal 2007’s $202.8m. Net loss was slashed from $82.2m to $23.4m, while adjusted EBITDA improved dramatically from -$38.1m to -$3.9m.

“We are proud of our turnaround and our growth momentum,” says president and CEO Alain Couder. “We continue to gain market share in tunable products. Also, our indium phosphide chip technology is rapidly becoming the preferred choice for tunable applications, in particular in 40Gb/s solutions. We plan to align our capital spending to fulfill increasing demand in these key growth markets,” he adds.

For fiscal first-quarter 2009 (ending 27 September), excluding restructuring and other non-recurring charges, the firm expects revenue to grow to $64-68m; non-GAAP gross margin of 22-26% (excluding stock compensation and one-time costs related to the transfer of Bookham’s San Jose photonics operations to Shenzhen, China); and adjusted EBITDA of between -$2m and +$2m. “We believe our non-GAAP operating income and our cash flow from operations, prior to any capital spending, will be positive in the December 2008 quarter,” concludes Couder.

See related item:

Bookham’s tunable product growth hits constraints

Search: Bookham Optical components

Visit: www.bookham.com