Product category:
Optical Transceivers, Transponders and Repeaters
News Release from: Bookham
Edited by the Electronicstalk Editorial
Team on 29 October 2004
Intense activity for Bookham
Bookham has reported results for its first quarter of fiscal year 2005, ended 2nd October 2004.
Bookham has reported results for its first quarter of fiscal year 2005, ended 2nd October 2004 Net revenue for the first quarter was $43.6 million, an increase of 12.3%, compared with net revenue of $38.8 million for the quarter ended on 3rd July 2004
This article was originally published on Electronicstalk on 28 Feb 2008 at 8.00am (UK)
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Excluding the revenues from JCA Technology (which amounted to $1.7 million in the quarter ended 3rd July 2004 and $0.1 million in the quarter ended 2nd October 2004), which was sold on 21st July 2004, revenues increased sequentially by 17.3%.
Net revenues for the first quarter increased by $5.8 million from $37.8 million in the comparable quarter ended 30th September 2003.
Gross margin improved to negative 5% in the first quarter, compared with negative 10% in the preceding quarter.
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The company reported a net loss of $37.1 million, or $1.13 per share, for the quarter ended 2nd October 2004, as compared with a net loss of $35.9 million, or $1.17 per share for the quarter ended 3rd July 2004, and a net loss of $47.2 million, or $2.27 per share for the quarter ended 28th September 2003.
On a non-GAAP basis, the company reported a reduced net loss of $31.5 million ($0.96 per share), for the quarter ended 2nd October 2004, compared with a net loss of $36.1 million, ($1.18 per share), for the quarter ended 3rd July 2004.
Non-GAAP figures exclude certain non-recurring items which in the quarter to 2nd October 2004 amounted to $5.6 million including restructuring charges of $4.3 million, costs to change to company's domicile of $2.4 million partially offset by a credit of $1.1 million related to a pension provision, and in the quarter to 3rd July 2004 amounted to a credit of $0.2 million relating to restructuring activities.
The company held $83.4 million in cash and cash equivalents and short term investments and long term restricted cash at 2nd October 2004.
On a non-GAAP basis operating cash burn declined by 19% sequentially to $24.3 million for the quarter ended 2nd October 2004, in line with management expectations.
The company defines operating cash burn as EBITDA excluding restructuring and other one-time charges which have been calculated as an operating loss of $32.3 million (before restructuring and other one-time charges) less depreciation and amortisation charges of $8.0 million in the quarter ended 2nd October 2004.
Giorgio Anania, Chief Executive Officer of Bookham, commented: "This has been a quarter of intense activity where we have managed to make noticeable improvements in practically all business indicators".
"Financially, revenues were up, and both gross margins and operating cash burn improved".
"On the customer front, revenues at Nortel rebounded to previous March quarter levels and we began to receive revenues from new tier-one customers".
"Several new products are experiencing substantial increases in demand".
"And finally, our cost-reduction plans announced last quarter are fully on track, and our low-cost manufacturing in China has produced the first significant volume shipments".
"We still need to make significant progress but this quarter has brought us a big step forward and we expect continued improvement in the coming quarter".
The company expects revenue for the second quarter ending 31st December 2004, to increase to be in the range of $45 million to $48 million.
Gross margin is expected to improve to be in the range of positive 3% to negative 2%.
The company expects that its operating cash burn for the quarter ending 31st December 2004 will be between $19 million to $22 million, reflecting the actions taken to reduce costs and expenses going forward.
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