Oclaro Reports Positive Adjusted EBITDA in First Post-Merg...( ...),Health

SAN JOSE, Calif., July 23 /PRNewswire-FirstCall/ -- Oclaro, Inc. (Nasdaq: OCLR), a leading provider of optical components, modules and subsystems, today announced the financial results for its fourth fiscal quarter and fiscal year ended June 27, 2009. Oclaro, Inc. was formed April 27, 2009 from the combination of Bookham, Inc., renamed Oclaro, Inc. on that date, and Avanex Corporation.

"Being positive Adjusted EBITDA in our first quarter together is an important milestone for Oclaro. Our integration is going smoothly, our synergies are on track and we believe our customers are pleased with the deal. These results are a visual indicator of the progress taking place behind the scenes and with customers," said Alain Couder, CEO of Oclaro, Inc. "Times continue to be challenging, and we expect only modest revenue growth in the remainder of calendar 2009. Over the upcoming quarters we will continue to focus to advance the profitability of Oclaro towards our ultimate operating model targets."

Highlights: Fourth Fiscal Quarter 2009

• GAAP revenues were $66.9 million for the quarter ended June 27, 2009 compared to $41.2 million in the quarter ended March 28, 2009. GAAP gross margin was 25% for the quarter ended June 27, 2009, compared to 21% in the quarter ended March 28, 2009.
  • GAAP revenues exclude New Focus revenues of $5.1 million and $5.8 million for the quarters ended June 27, 2009 and March 28, 2009, respectively, as New Focus results of operation are disclosed as discontinued operations as a result of the transfer of our New Focus business to Newport Corporation in exchange for their Spectra-Physics laser diode business and $3.0 million in cash in a transaction that closed July 4, 2009.

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