Tuesday, May 7, 2013

Oclaro Reports a Tough Quarter

Oclaro reported revenues of $141.6 million for the quarter ending 30-March-2013, compared with revenues of $159.5 million in the previous quarter.  GAAP gross margin was 9%, compared with a GAAP gross margin of 14% in the preceding quarter.  There was a GAAP operating loss was $28.9 million.

Oclaro also announced it has secured $25 million in short-term bridge loans from Providence Equity Capital Markets, who joins Wells Fargo Bank and Silicon Valley Bank as a lender under Oclaro's existing credit agreement.

"Our financial results were at the lower end of guidance for the third quarter, in the face of continued softness in the telecommunications market.  Our sales declined further than expected, which drove a higher loss compared with the prior quarter," said Alain Couder, president and CEO, Oclaro, Inc.  "The financing we announced today is an initial step in our plan to simplify the company and develop and implement a profitable operating model.  Meanwhile our new product innovations continue. At the recent OFC trade show Oclaro reinforced its position as a leader in the high growth 100G market, both on the telecom line side and the datacom client side."


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