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Oclaro Reports Positive Adjusted EBITDA in First Post-Merger Quarter
Date:7/23/2009

Goodwill and Intangibles Impairment

As part of the Company's preparation of its financial statements for the second quarter of fiscal 2009, the Company determined that the value of its goodwill was impaired. During the second fiscal quarter, there was a decline in the revenue forecasts for the optical components industry, with a corresponding reduction in the Company's market capitalization and revenue projections. These were some of the factors that triggered the impairment of goodwill. Based on the results of a preliminary evaluation, the Company recorded a non-cash impairment charge of $7.9 million in the second quarter of fiscal 2009. During the third quarter of fiscal 2009, the Company completed its full evaluation of the impairment analysis for goodwill, which indicated that the goodwill of $7.9 million was fully impaired. The impairment will not result in any current or future cash expenditures.

During the third quarter of fiscal 2009, in conjunction with the full evaluation of goodwill impairment, the Company also evaluated the fair value of certain intangible assets. Based on this testing, the Company recorded a non-cash impairment charge of $4.0 million in its third quarter statement of operations to recognize impairment of certain intangible assets.

                                   OCLARO, INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                             (unaudited, in thousands)

                       ASSETS                    June 27, 2009  June 28, 2008
                                                 -------------  -------------
    Current assets:
      Cash and cash equivalents                     $44,561        $32,863
      Short-term investments                          9,259         17,845
      Restricted cash                                 4,208          1,154
      Accounts receivable, net                
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SOURCE Oclaro, Inc.
Copyright©2009 PR Newswire.
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