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Oclaro Announces Third Quarter Fiscal Year 2012 Financial Results

SAN JOSE, Calif. April 26, 2012 March 31

Thailand Alain Couder China January 26

Highlights for Third Quarter Fiscal 2012:

  • $88.7 million $86.5 million Thailand $4 million Shenzhen
    • Non-GAAP gross margin was 16% for the third quarter of fiscal 2012, compared with a non-GAAP gross margin of 13% in the second quarter of fiscal 2012.
  • $15.9 million $3.3 million Thailand $33.6 million $9.1 million
    • $14.6 million $18.9 million
  • $9.9 million $14.3 million
  • $17.2 million $3.3 million Thailand $30.8 million $9.1 million
    • $15.5 million $17.4 million
  • $51.1 million March 31, 2012 $54.2 million March 31, 2012 $6 million $45 million $25.5 million March 31, 2012


Fourth Quarter Fiscal 2012 Outlook

June 30, 2012

  • $100 million to $109 million
  • Non-GAAP gross margin in the range of 19% to 23%.
  • $6.5 million $1.0 million

Thailand

Conference Call

1:30 p.m. PT 4:30 p.m. ET May 3 www.oclaro.com

About Oclaro

Italy Switzerland Israel Italy China Thailand http://www.oclaro.com

Copyright 2012. All rights reserved. Oclaro, the Oclaro logo, and certain other Oclaro trademarks and logos are trademarks and/or registered trademarks of Oclaro, Inc. or its subsidiaries in the U.S. and other countries. Information in this release is subject to change without notice.

Safe Harbor Statement

June 30, 2012 Thailand Thailand

Non-GAAP Financial Measures

Oclaro provides certain supplemental non-GAAP financial measures to its investors as a complement to the most comparable GAAP measures. The GAAP measure most directly comparable to non-GAAP gross margin rate is gross margin rate. The GAAP measure most directly comparable to non-GAAP operating income/loss is operating income/loss. The GAAP measure most directly comparable to non-GAAP net income/loss and Adjusted EBITDA is net income/loss. An explanation and reconciliation of each of these non-GAAP financial measures to GAAP information is set forth below.

Thailand

the United States of America

Non-GAAP Gross Margin Rate

Non-GAAP gross margin rate is calculated as gross margin rate as determined in accordance with GAAP (gross profit as a percentage of revenues) excluding non-cash compensation related to stock and options. Oclaro evaluates its performance using non-GAAP gross margin rate to assess Oclaro’s historical and prospective operating financial performance, as well as its operating performance relative to its competitors.

Non-GAAP Operating Income/Loss

Non-GAAP operating income/loss is calculated as operating income/loss as determined in accordance with GAAP excluding the impact of amortization of intangible assets, restructuring, acquisition and related costs, non-cash compensation related to stock and options granted to employees and directors, certain other one-time charges and credits and excluding any flood related advance payments received from insurers, impairment of fixed assets and inventory and related expenses specifically identified in the non-GAAP reconciliation schedules set forth below. Oclaro evaluates its performance using, among other things, non-GAAP operating income/loss in evaluating Oclaro’s historical and prospective operating financial performance, as well as its operating performance relative to its competitors.

Non-GAAP Net Income/Loss

Thailand

Adjusted EBITDA

Adjusted EBITDA is calculated as net income/loss excluding the impact of income taxes, net interest income/expense, depreciation and amortization, net foreign currency translation gains/losses, as well as restructuring, acquisition and related costs, non-cash compensation related to stock and options and certain other one-time charges and credits, including flood related advance payments received from insurers, impairment of fixed assets and inventory and related expenses, specifically identified in the non-GAAP reconciliation schedules set forth below. Oclaro uses Adjusted EBITDA in evaluating Oclaro’s historical and prospective cash usage, as well as its cash usage relative to its competitors. Specifically, management uses this non-GAAP measure to further understand and analyze the cash used in/generated from Oclaro’s core operations. Oclaro believes that by excluding these non-cash and non-recurring charges, more accurate expectations of its future cash needs can be assessed in addition to providing a better understanding of the actual cash used in or generated from core operations for the periods presented. Oclaro further believes that providing this information allows Oclaro’s investors greater transparency and a better understanding of Oclaro’s core cash position.  

OCLARO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts)

Three Months Ended 




Revenues

$  88,709

$         86,488

$115,681

Cost of revenues

75,021

75,613

87,269

Gross profit

13,688

10,875

28,412

Operating expenses:

Research and development

15,045

17,024

17,220

Selling, general and administrative

14,889

14,425

16,087

Amortization of intangible assets

775

723

722

Restructuring, acquisition and related costs

2,189

3,219

1,019

Flood-related (income) expense, net

(3,267)

9,088

(Income) loss on sale of property and equipment

(13)

37

4

Total operating expenses

29,618

44,516

35,052

Operating loss

(15,930)

(33,641)

(6,640)

Other income (expense):

Interest income (expense), net

(303)

(245)

(487)

Gain (loss) on foreign currency translation

(261)

1,298

(2,032)

Other income

2,238

Total other income (expense)

(564)

3,291

(2,519)

Loss before income taxes

(16,494)

(30,350)

(9,159)

Income tax provision

668

478

668

Net loss

$(17,162)

$        (30,828)

$   (9,827)

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