8:55 AM Stats from the newly issued Bookham/Avanex card

Craig Matsumoto, Editor-in-Chief, Light Reading

April 28, 2009

2 Min Read
Oclaro's Numbers

8:55 AM --

Some tidbits from yesterday's conference cal with Oclaro Inc. (Nasdaq: OCLR), the merged Bookham/Avanex that was created yesterday with a logo that I'm going to describe as dark purple. (See Bookham, Avanex Form Oclaro.) It certainly beats the color-blindness tests of the similarly named, but wholly irrelevant, O-Cel-O.

  • Oclaro's revenues for the third quarter, which ended March 28, were $47 million, and non-GAAP net losses were 4 cents a share, beating Wall Street's estimates, according to Reuters Research . (See Oclaro (Bookham) Posts Q3.)

    That's the Bookham half. How did the Avanex half do? We'll never completely know. Oclaro will count up the combined business from here on out, but with Avanex vanishing as a public company, Oclaro declares Avanex's full March-quarter results will never be released.

    Bookham executives at least dropped a hint: Avenex revenues were in the "middle" of the $24 million to $31 million range that its executives had predicted.

  • Officials also said Avanex had $32 million in cash, which combines with Bookham's $38 million for a $70 million hoard -- down from $75.5 million at the end of December, if you don't count Avanex's restricted cash.

  • Final purchase price: $47.4 million in Bookham stock. (WARNING: Number derived through journalist math. View at your own risk.)

  • Optimism: The cost savings of the merger might be $28 million to $36 million per year -- in other words, possibly more than the $28 million originally predicted.

  • Less optimism: Avanex and Bookham combined for revenues around $74 million or $75 million in the March quarter. For the June quarter, Oclaro is predicting revenues of $67 million to $75 million -- a figure that includes just two months worth of Avanex sales. It sounds as if Oclaro is planning for growth but is packing a recession-inspired hedge into its forecast. That would seem to imply that the expected inventory-driven uptick in sales isn't a sure thing yet. (See Coming Soon: An Optical Uptick?)

    — Craig Matsumoto, West Coast Editor, Light Reading

About the Author(s)

Craig Matsumoto

Editor-in-Chief, Light Reading

Yes, THAT Craig Matsumoto – who used to be at Light Reading from 2002 until 2013 and then went away and did other stuff and now HE'S BACK! As Editor-in-Chief. Go Craig!!

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like