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Oclaro achieves first positive EBITDA

Q1 improvement due to cost reductions and growth in 100G product portfolio 

Oclaro, a provider of optical components, modules and subsystems, has announced financial results for its first quarter of 2016, which ended September 26, 2015. Adjusted EBITDA  (earnings before interest, taxes, depreciation, and amortisation) was positive $4.2 million for Q1 2016, compared with negative $1.2 million Q4 2015.

"In addition to reaching our first milestone of generating positive Adjusted EBITDA , we also achieved non-GAAP operating income," said Greg Dougherty, Oclaro's CEO. "These accomplishments resulted primarily from planned cost reductions, operational improvements, and strong growth across our 100G product portfolio over the past two years. We now believe that the foundation is in place to further grow our 100G product revenues and enable continued financial improvement."

Revenues were $87.5 million for Q1 2016, compared with $82.2 million Q4 2015. GAAP gross margin was 25.9 percent for Q1 2016, compared with a GAAP gross margin of 19.3 percent Q4 2015. Non-GAAP gross margin was 26.4 percent for Q1 2016, compared with a non-GAAP gross margin of 19.9 percent Q4 2015.

GAAP operating loss was $2.0 million for Q1 2016. This compares with a GAAP operating loss of $10.8 million Q4 2015.Non-GAAP operating income was $0.4 million for Q1 2016, compared with a non-GAAP operating loss of $5.4 million Q4 2015.

GAAP net loss for Q1 2016 was $3.5 million. This compares with a GAAP net loss of $13.9 million Q4 2015. Non-GAAP net loss for Q1 2016 was $1.8 million. This compares with a non-GAAP net loss of $6.6 million Q4 2015.

Cash, cash equivalents, restricted cash, and short-term investments were $107.7 million at September 26, 2015.

The guidance for the quarter ending December 26, 2015 is revenues in the range of $88 million to $94 million; non-GAAP gross margin in the range of 24 percent to 27 percent; adjusted EBITDA in the range of $3 million to $7 million.

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