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Oclaro Q1 Revenue Up 4 Percent

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Fourth consecutive quarter with operating income of 20 percent

Oclaro, a provider of optical communications systems, has announced its financial results for the first quarter of fiscal year 2018, which ended September 30, 2017.

"The Oclaro team once again produced strong quarterly results, fuelled by our CFP2-ACO and QSFP product lines. We generated sequential revenue growth and strong profitability," said Greg Dougherty, CEO, Oclaro.

"Our near-term visibility includes continued softness in China, compounded by a recent slowdown in data center sales. Despite our reduced outlook, we expect to remain solidly profitable for the December quarter, which would serve as a further testament to our strong financial model."

Revenues were $155.6 million for Q1 2018. This compares with revenues of $149.4 million in Q4 2017, and revenues of $135.5 million in the first quarter of fiscal 2017. GAAP gross margin was 40.3 percent for Q1 2018. This compares with GAAP gross margin of 41.1 percent in Q4 2017, and GAAP gross margin of 34.2 percent in the first quarter of fiscal 2017. Non-GAAP gross margin was 40.6 percent for Q1 2018. This compares with non-GAAP gross margin of 41.4 percent in Q4 2017, and non-GAAP gross margin of 34.4 percent in the first quarter of fiscal 2017.

GAAP operating income was $31.2 million for Q1 2018. This compares with GAAP operating income of $29.9 million in Q4 2017, and GAAP operating income of $17.9 million in the first quarter of fiscal 2017. Non-GAAP operating income was $34.6 million for Q1 2018. This compares with non-GAAP operating income of $33.3 million in Q4 2017, and non-GAAP operating income of $20.9 million in the first quarter of fiscal 2017.

GAAP net income for Q1 2018 was $26.5 million. This compares with GAAP net income of $56.0 million in Q4 2017, and GAAP net income of $3.4 million in the first quarter of fiscal 2017. Non-GAAP net income for Q1 2018 was $34.5 million. This compares with non-GAAP net income of $33.9 million in Q4 2017, and non-GAAP net income of $20.0 million in the first quarter of fiscal 2017.

GAAP earnings per diluted share for Q1 2018 were $0.16. This compares with GAAP earnings per diluted share of $0.33 in Q4 2017, and GAAP earnings per diluted share of $0.02 in the first quarter of fiscal 2017. Non-GAAP earnings per diluted share for Q1 2018 were $0.20. This compares with non-GAAP earnings per diluted share of $0.20 in Q4 2017, and non-GAAP earnings per diluted share of $0.14 in the first quarter of fiscal 2017.

Cash, cash equivalents, restricted cash, and short-term investments were $279.8 million at September 30, 2017.

Outlook

The guidance for the quarter ending December 30, 2017 is: Revenues in the range of $135 million to $143 million. Non-GAAP gross margin in the range of 36 percent to 39 percent. Non-GAAP operating income in the range of $19 million to $23 million.


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