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25 October 2007


Bookham begins fiscal 2008 buoyed by 20% revenue increase

Optical component, module and subsystem maker Bookham Inc of San Jose, CA, USA has reported first-quarter 2008 (ended September 29, 2007) revenue of $54.3m, an increase of around 20% on the $45.1m revenue achieved in Q4/2007,
and above the guidance range of $50m to $54m announced in August. Nortel Networks and Cisco each accounted for more than 10% of Bookham's total Q1/2008 revenue.

Bookham's Q1/2008 gross margin was 23%, up from 16% on the previous quarter. Net loss was $11.0m, compared with $13.6m for Q4/2007.

On a non-GAAP basis, gross margin was 24% for the first quarter, up on the guidance range of 18-22%. Adjusted EBITDA was negative $2.5m, compared with the guidance range of negative $3-7m. Adjusted EBITDA in the prior quarter was negative $6.0m, which included a $2.2m gain from the sale of equipment and other assets. Net loss was $8.0m, compared with a non-GAAP net loss of $10.8m in the prior quarter.

Cash, cash equivalents and restricted cash at the end of Q1/2008 totaled $34.4m, down on the previous quarter's $42.7m.

"Our strong first quarter financial performance reflects the continued improvement in sales to our top customers, success with our new product introductions, and the diversification of our customer base," says Alain Couder, president and CEO. "We believe our prospects are strong for further financial improvement in the December quarter," he adds. "In addition to our forecasted revenue growth, we expect to see continued margin improvement with our new products and stable margins with our existing products. From
the cost side, we should hit our reduction objectives by the end of December."

For Q2/2008 (ending December 29, 2007), excluding restructuring and other non-recurring charges, Bookham forecasts revenue in the range of $55m to
$58m, and a non-GAAP gross margin of 23-26%.

See related items:

Inventory reduction programs continue to “hurt” Bookham

Bookham appoints new president & CEO; Bordui remains chairman

Bookham’s 20% revenue drop increases losses, but product ramp should drive recovery in second-half 2007

Bookham cut-backs will shrink workforce by 123 staff, mainly at Caswell

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