Oclaro announces third quarter 2016 financial results
Created May 23, 2016
News and BusinessOclaro, a leading provider and innovator of optical communications solutions, today announced the financial results for its third quarter of fiscal year 2016, which ended March 26, 2016.
“The March quarter represents our third consecutive quarter of approximately 7 percent sequential revenue growth. In addition, in spite of the seasonal price reductions, we delivered strong gross margin and operating income. These results are a testament to our improved execution and the strength of our 100G product lines, which grew by 18% over Q2,” said Greg Dougherty, Chief Executive Officer, Oclaro.
“During the quarter, we launched production from Asia of our CFP2-ACO product. We expect the ramp of the ACO, and increase in capacity for both our client and line side 100G portfolios, will drive further improvement in our financial results for the June quarter and the rest of this calendar year.”
Revenues were $101.1 million for the third quarter of fiscal 2016, compared with revenues of $94.1 million in the second quarter of fiscal 2016, and revenues of $83.0 million in the third quarter of fiscal 2015. Non-GAAP gross margin was 27.2% for the third quarter of fiscal 2016, compared with non-GAAP gross margin of 28.8% in the second quarter of fiscal 2016, and a non-GAAP gross margin of 15.8% in the third quarter of fiscal 2015.
Non-GAAP operating income was $4.6 million for the third quarter of fiscal 2016, compared with non-GAAP operating income of $5.3 million in the second quarter of fiscal 2016, and a non-GAAP operating loss of $9.5 million in the third quarter of fiscal 2015. Non-GAAP net income for the third quarter of fiscal 2016 was $2.9 million. This compares with non-GAAP net income of $3.1 million in the second quarter of fiscal 2016, and a non-GAAP net loss of $9.6 million in the third quarter of fiscal 2015.
Adjusted EBITDA was $8.5 million for the third quarter of fiscal 2016, compared with Adjusted EBITDA of $9.0 million in the second quarter of fiscal 2016, and negative Adjusted EBITDA of $5.3 million in the third quarter of fiscal 2015. Cash, cash equivalents, and restricted cash were $106.8 million at March 26, 2016.
Considering the outlook for the fourth quarter of 2016 the company said the guidance for the quarter ending July 2, 2016 is: revenues will be in the range of $115 million to $123 million; non-GAAP gross margin in the range of 27% to 30%, based on a non-GAAP operating income in the range of $7 million to $11 million.
Link: http://investor.oclaro.com/releasedetail.cfm?ReleaseID=968873
Optical Connections News Team
