News

28 October 2010

 

Oclaro’s quarterly revenue growth slows from 11.4% to 7.6%

For its fiscal first-quarter 2011 (ended 2 October 2010), optical component, module and subsystem maker Oclaro Inc of San Jose, CA, USA has reported revenue of $121.3m. This is up 43% on $85.1m a year ago and 7.6% on $112.7m last quarter (compared to growth of 11.4% that quarter, and back to the level of the March quarter’s growth rate of 8%). Revenue was on the low side of the forecast growth of 9% to $120–126m. “We experienced a slowdown in the rate of revenue growth in late September,” notes president & CEO Alain Couder. However, telecom business in particular grew by slightly more than the overall revenue, being up 9% on last quarter.

Fiscal	Q2/2010	Q3/2010	Q4/2010	Q1/2011
Revenue	$93.6m	$101.2m	$112.7m	$121.3m

On a non-GAAP basis, gross margin has fallen from 30.7% last quarter to 29% (short of the forecast 31–33%), although still up on 26.1% a year ago. Although up from just $4.1m a year ago, adjusted EBITDA has fallen from $12.3m last quarter to $10.9m (short of the forecast $12.5–15.5m). Net income has fallen from $11.5m last quarter to $3m (but still a big improvement from a net loss of $98,000 a year ago).

During the quarter, cash, cash equivalents, restricted cash and short-term investments fell from $111.6m to $94m. However, this was mainly due to Oclaro paying $12m in cash for the acquisition on 20 July of high-bit-rate optical transport subsystem maker Mintera Corp of Acton, MA, USA.

“Our guidance for the December quarter is cautious,” says Couder. For fiscal second-quarter 2011 (to end-January 2011), Oclaro expects revenue of $116–124m, non-GAAP gross margin of 27–31%, and adjusted EBITDA of $6–11m. However, Couder adds: “We continue to have confidence in our position in the market and believe the growth prospects for Oclaro and our customers in 2011 continue to be strong.”

See related items:

Oclaro reports record profitability on 44% revenue growth year-on-year

Oclaro grows margin for third consecutive quarter

Oclaro grows 10%, driving cash generation and investment

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