SAN JOSE, Calif. -- Oclaro, Inc. (NASDAQ: OCLR), a tier-one provider of innovative optical communications and laser solutions, today announced the financial results for its third quarter of fiscal year 2011, which ended April 2, 2011.

Highlights for Third Quarter Fiscal 2011:

Revenues were $116.6 million for the third quarter of fiscal 2011, compared to $120.3 million in the second quarter of fiscal 2011. GAAP gross margin was 25% for the third quarter of fiscal 2011, compared to 30% in the second quarter of fiscal 2011. Non-GAAP gross margin was 25% for the third quarter of fiscal 2011, compared to 30% in the second quarter of fiscal 2011. GAAP operating loss was $6.2 million for the third quarter of fiscal 2011, compared to GAAP operating income of $1.6 million in the second quarter of fiscal 2011.

Non-GAAP operating loss was $2.9 million, or 2.5% of revenues, for the third quarter of fiscal 2011, compared to non-GAAP operating income of $6.6 million, or 5.5% of revenues, in the second quarter of fiscal 2011. Adjusted EBITDA was $1.1 million for the third quarter of fiscal 2011, compared to $10.1 million in the second quarter of fiscal 2011. GAAP net loss for the third quarter of fiscal 2011 was $9.4 million, compared to net loss of $0.2 million in the second quarter of fiscal 2011. Non-GAAP net loss for the third quarter of fiscal 2011 was $4.1 million, compared to non-GAAP net income of $5.9 million in the second quarter of fiscal 2011. Cash, cash equivalents and restricted cash were $75.7 million as of April 2, 2011 compared to $78.1 million as of January 2, 2011.

"Oclaro has continued to invest in its new product pipeline while certain telecom customers have experienced a short-term inventory correction," said Alain Couder, president and CEO of Oclaro. "We expect the slowdown to continue through our upcoming fiscal fourth quarter. Our planned new products are expected to provide revenue growth and gross margin traction in the second half of the calendar year. We also remain confident in the second half because of the continued strong demand for broadband in the core optical market, and the increasing reliance on optical functionality throughout the network."

Oclaro Inc. (Nasdaq: OCLR)