News

14 April 2010

 

Oclaro expects revenue up 8% in March quarter

Based on preliminary financial results, for its fiscal third-quarter 2010 (ended 3 April) optical component, module and subsystem maker Oclaro Inc of San Jose, CA, USA expects revenue of $101.2m (compared with the original guidance of $97–102m provided on 1 February). This is up 8% on $93.6m last quarter, and more than double the $47m a year ago (prior to Oclaro’s formation on 27 April through the merger of San Jose-based Bookham Inc with Avanex Corp of Fremont, CA).

“Demand remains strong across all our businesses and we continue to see improving order trends,” says president & CEO Alain Couder. “Our revenue growth, combined with crisp operational execution, reinforces our confidence in achieving the 30% non-GAAP gross margin threshold in the June quarter,” he adds.

Full fiscal Q3/2010 results will be released on 29 April.

*After previously obtaining stockholder authorization, Oclaro’s board of directors has approved a 1-for-5 reverse split of its common stock, effective on 29 April. The stock will begin trading on NASDAQ on a split-adjusted basis on 30 April, under the temporary trading symbol ‘OCLRD’. The trading symbol will revert to ‘OCLR’ after about 20 trading days.

“By executing a reverse stock split, we believe the higher share price will appeal to a broader universe of institutional investors,” says Couder. “We also believe a lower share count [cut from about 212 million to 42 million] will better reflect the progress of our anticipated earnings improvements on a per share basis.”

See related items:

Oclaro grows 10%, driving cash generation and investment

Oclaro acquires wavelength selective switch firm Xtellus

Oclaro goes into underlying operating profit

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