Jul 31 2012
Oclaro, Inc. (NASDAQ: OCLR), a provider of optical components, modules and subsystems, today announced the financial results for its fourth quarter and fiscal year 2012, which ended June 30, 2012.
"Our results for the fiscal fourth quarter were in line with our previously announced guidance ranges," said Alain Couder, chairman and CEO of Oclaro. "With the close of our merger with Opnext, we are well positioned as the #2 player in the optical components, modules and subsystems market. Customer feedback on the merger is very positive. Moving forward we are focused on accelerating the synergies of our combined business and capitalizing on the strengths of our customer relationships, comprehensive product portfolio and technologies, which we will discuss in detail during our quarterly conference call later today."
Results for the Fourth Quarter of Fiscal 2012:
- Revenues were $104.4 million for the fourth quarter of fiscal 2012, compared with revenues of $88.7 million in the third quarter of fiscal 2012.
- GAAP gross margin was 21% for the fourth quarter of fiscal 2012, compared with a GAAP gross margin of 15% in the third quarter of fiscal 2012.
- Non-GAAP gross margin was 21% for the fourth quarter of fiscal 2012, compared with a non-GAAP gross margin of 16% in the third quarter of fiscal 2012.
- GAAP operating loss was $4.0 million for the fourth quarter of fiscal 2012, which included approximately $11.7 million of gain on the sale of assets previously held for sale and $3.4 million of net flood-related income from insurance advances, net of additional write-offs and expenses, due to the flooding in Thailand. This compares with a GAAP operating loss of $15.9 million in the third quarter of fiscal 2012, which included $3.3 million of net flood-related income.
- Non-GAAP operating loss was $9.9 million for the fourth quarter of fiscal 2012, compared with a non-GAAP operating loss of $14.6 million in the third quarter of fiscal 2012.
- Adjusted EBITDA was negative $5.0 million for the fourth quarter of fiscal 2012, compared with negative $9.9 million in the third quarter of fiscal 2012.
- GAAP net loss for the fourth quarter of fiscal 2012 was $3.9 million, which included approximately $11.7 million of gain on the sale of assets previously held for sale and $3.4 million of net flood-related income from insurance advances, net of additional write-offs and expenses, due to the flooding in Thailand. This compares with a GAAP net loss of $17.2 million in the third quarter of fiscal 2012, which included $3.3 million of net flood-related income.
- Non-GAAP net loss for the fourth quarter of fiscal 2012 was $10.5 million, and excluded approximately $11.7 million of gain on the sale of assets previously held for sale. This compares with a non-GAAP net loss of $15.5 million in the third quarter of fiscal 2012.
Cash, cash equivalents and restricted cash were $62.4 million at June 30, 2012 compared with $51.1 million at March 31, 2012. The Company did not draw on its existing $45 million credit facility in the fourth quarter and its total outstanding balance draw remained at $25.5 million at June 30, 2012. In the fourth quarter the Company received $19 million in net proceeds from the sale of its building in Shenzhen and $4.6 million in additional insurance advances in connection with losses associated with the Thailand flood.
Results for Fiscal Year 2012:
Fiscal 2012 financial results were materially impacted by the floods in Thailand that occurred in October 2011.
- Revenues were $385.5 million for fiscal 2012, compared with $466.5 million in fiscal 2011.
- GAAP gross margin was 18% for fiscal 2012, compared with 27% in fiscal 2011.
- Non-GAAP gross margin was 19% for fiscal 2012, compared with 27% in fiscal 2011.
- GAAP operating loss was $63.8 million for fiscal 2012. This compares with a GAAP operating loss of $33.6 million in fiscal 2011, which included $20 million of impairment charges following the Company's annual review of goodwill.
- Non-GAAP operating loss was $53.0 million for fiscal 2012, and in addition to being materially impacted by the flooding in Thailand, it excluded approximately $11.7 million of gain on the sale of assets previously held for sale. This compares with non-GAAP operating income of $1.6 million in fiscal 2011.
- Adjusted EBITDA was negative $33.7 million for fiscal 2012, compared with positive $17.0 million in fiscal 2011.
- GAAP net loss for fiscal 2012 was $66.5 million, compared with a GAAP net loss of $46.4 in fiscal 2011, which included $20 million of impairment charges following the company's annual review of goodwill.
- Non-GAAP net loss for fiscal 2012 was $61.1 million, compared with a non-GAAP net loss of $2.0 million in fiscal 2011.
First Quarter Fiscal Year 2013 Outlook
The results of Oclaro, Inc. for the first quarter of fiscal 2013, which ends September 29, 2012, are expected to be:
- Revenues in the range of $154 million to $168 million.
- Non-GAAP gross margin in the range of 17% to 21%.
- Adjusted EBITDA in the range of negative $17.0 million to negative $8.0 million.
The outlook for the first quarter of fiscal 2013 includes the financial results from Opnext, Inc. since the merger close, which was effective July 23, 2012.