Monday, September 16, 2013

Oclaro Reports Continue Losses, Sale of Certain Businesses to II-VI

Oclaro reported revenues of $136.1 million for its fourth quarter of fiscal 2013, compared with revenues of $141.6 million in the third quarter of fiscal 2013.  GAAP gross margin was 9% for the fourth quarter of fiscal 2013, compared with a GAAP gross margin of 9% in the third quarter of fiscal 2013.

GAAP operating loss was $44.1 million for the fourth quarter of fiscal 2013, which included $18.9 million of flood-related income, net of expenses, due to the flooding in Thailand, and an impairment of goodwill and intangible assets of $26.7 million.  This compares with a GAAP operating loss of $27.4 million in the third quarter of fiscal 2013, which included $11.5 million of flood-related income, net of expenses, due to the flooding in Thailand.


Last week, Oclaro announced the sale of its Oclaro Switzerland GmbH subsidiary and associated laser diodes business to II-VI Incorporated in a transaction valued at $115 million. In addition, II-VI acquired an exclusive option to purchase Oclaro's optical amplifier and micro-optics business for $88 million in cash.

"While our fiscal fourth quarter results were in line with our expectations, the continued losses underscore the urgency of our turnaround plans. We remain focused on transforming Oclaro into a sustainable company that will deliver shareholder value over the long-term," said Greg Dougherty, CEO, Oclaro. "Our successful sale of the Zurich Business demonstrates to our employees, customers and suppliers that we are taking deliberate action to create a stable future. With the resulting infusion of cash, we can now begin to take the necessary steps to begin to restructure the company. Our goal will be to focus Oclaro primarily on the optical communications market, and leverage our photonics innovation, vertical integration, and long-term customer relationships to return Oclaro to profitability."

http://investor.oclaro.com/releasedetail.cfm?ReleaseID=790955

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