Oclaro Inc (OCLR, Financial) filed Quarterly Report for the period ended 2010-10-02.
Oclaro Inc has a market cap of $459.3 million; its shares were traded at around $9.28 with and P/S ratio of 1.2. OCLR is in the portfolios of RS Investment Management, Steven Cohen of SAC Capital Advisors.
Net cash used by operating activities for the three months ended October 2, 2010 was $1.0 million, primarily resulting from a $6.3 million decrease in cash due to changes in operating assets and liabilities, partially offset by net income of $0.4 million and non-cash adjustments of $4.9 million. The $6.3 million decrease in cash due to changes in operating assets and liabilities was comprised of a $6.9 million decrease in accrued expenses and other liabilities, a $4.9 million increase in inventory, a $0.6 million increase in accounts receivable and a $0.3 million increase in prepaid expense and other current assets, offset in part by cash generated from a $6.3 million increase in accounts payable and a $0.1 million decrease in other non-current assets. The $4.9 million increase in cash resulting from non-cash adjustments primarily consisted of $3.8 million of expense related to depreciation and amortization and $1.4 million of expense related to stock-based compensation, offset in part by $0.2 million from the amortization of deferred gain from a sales-leaseback transaction.
Net cash used in operating activities for the three months ended September 26, 2009 was $9.1 million, resulting from an increase in our net operating assets and liabilities of $9.4 million and non-cash adjustments of $3.7 million, partially offset by net income of $4.0 million. The $9.4 million decrease in cash due to an increase in net operating assets and liabilities was comprised of a $9.6 million increase in accounts receivable, a $4.1 million decrease in accrued expenses and other liabilities and a $0.5 million increase in prepaid expenses and other current assets, offset by cash generated from a $2.6 million decrease in inventory, a $1.4 million increase in accounts payable and a $0.8 million decrease in other non-current assets. The $3.7 million decrease in cash resulting from non-cash adjustments consisted of $5.3 million in gain from the bargain purchase of Newports high-power laser diodes business, $1.4 million in gain from the sale of the New Focus business, $0.5 million in gain from the sale of property and equipment and $0.2 million from the amortization of deferred gain from a sales-leaseback transaction, offset in part by $2.8 million of expense related to depreciation and amortization and $0.9 million of expense related to stock-based compensation.
Net cash provided by investing activities for the three months ended September 26, 2009 was $11.0 million, primarily consisting of $8.2 million in sales and maturities of available-for-sale investments, $3.0 million in cash proceeds from the exchange of assets with Newport and $0.6 million in proceeds from the sale of certain fixed assets, which were partially offset by $0.7 million used in capital expenditures.
As of October 2, 2010, our U.K. subsidiary had $34.5 million, net, in U.S. dollar denominated operating intercompany payables and $72.1 million in U.S. dollar denominated accounts receivable related to sales to external customers. It is estimated that a 10 percent fluctuation in the U.S. dollar relative to the U.K. pound sterling would lead to a profit of $3.8 million (U.S. dollar strengthening), or loss of $3.8 million (U.S. dollar weakening) on the translation of these receivables, which would be recorded as gain (loss) on foreign exchange in our condensed consolidated statement of operations.
$11.3 million which include put and call options which expire, or expired, at various dates from October 2010 to May 2011 and we have recorded an unrealized gain of $0.4 million to accumulated other comprehensive income in connection with marking these contracts to fair value as of October 2, 2010. It is estimated that a 10 percent fluctuation in the dollar between October 2, 2010 and the maturity dates of the put and call instruments underlying these contracts would lead to a profit of $1.0 million dollars (U.S. dollar weakening) or loss of $0.2 million dollars (U.S. dollar strengthening) on our outstanding foreign currency forward exchange contracts, should they be held to maturity.
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Oclaro Inc has a market cap of $459.3 million; its shares were traded at around $9.28 with and P/S ratio of 1.2. OCLR is in the portfolios of RS Investment Management, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Research and development expenses increased to $13.7 million for the three months ended October 2, 2010 from $9.0 million for the three months ended September 26, 2009. The increase was primarily due to increased investment in research and development resources, primarily personnel-related, as we are investing to match the rate of our recent revenue growth. Personnel-related costs increased to $8.2 million for the three months ended October 2, 2010, compared with $5.8 million for the three months ended September 26, 2009. Other costs, including the costs of design tools and facilities-related costs increased to $5.5 million for the three months ended October 2, 2010, compared with $3.2 million for the three months ended September 26, 2009. Research and development expenses were favorably impacted by approximately $0.5 million as a result of the U.K. pound sterling weakening relative to the U.S. dollar.Net cash used by operating activities for the three months ended October 2, 2010 was $1.0 million, primarily resulting from a $6.3 million decrease in cash due to changes in operating assets and liabilities, partially offset by net income of $0.4 million and non-cash adjustments of $4.9 million. The $6.3 million decrease in cash due to changes in operating assets and liabilities was comprised of a $6.9 million decrease in accrued expenses and other liabilities, a $4.9 million increase in inventory, a $0.6 million increase in accounts receivable and a $0.3 million increase in prepaid expense and other current assets, offset in part by cash generated from a $6.3 million increase in accounts payable and a $0.1 million decrease in other non-current assets. The $4.9 million increase in cash resulting from non-cash adjustments primarily consisted of $3.8 million of expense related to depreciation and amortization and $1.4 million of expense related to stock-based compensation, offset in part by $0.2 million from the amortization of deferred gain from a sales-leaseback transaction.
Net cash used in operating activities for the three months ended September 26, 2009 was $9.1 million, resulting from an increase in our net operating assets and liabilities of $9.4 million and non-cash adjustments of $3.7 million, partially offset by net income of $4.0 million. The $9.4 million decrease in cash due to an increase in net operating assets and liabilities was comprised of a $9.6 million increase in accounts receivable, a $4.1 million decrease in accrued expenses and other liabilities and a $0.5 million increase in prepaid expenses and other current assets, offset by cash generated from a $2.6 million decrease in inventory, a $1.4 million increase in accounts payable and a $0.8 million decrease in other non-current assets. The $3.7 million decrease in cash resulting from non-cash adjustments consisted of $5.3 million in gain from the bargain purchase of Newports high-power laser diodes business, $1.4 million in gain from the sale of the New Focus business, $0.5 million in gain from the sale of property and equipment and $0.2 million from the amortization of deferred gain from a sales-leaseback transaction, offset in part by $2.8 million of expense related to depreciation and amortization and $0.9 million of expense related to stock-based compensation.
Net cash provided by investing activities for the three months ended September 26, 2009 was $11.0 million, primarily consisting of $8.2 million in sales and maturities of available-for-sale investments, $3.0 million in cash proceeds from the exchange of assets with Newport and $0.6 million in proceeds from the sale of certain fixed assets, which were partially offset by $0.7 million used in capital expenditures.
As of October 2, 2010, our U.K. subsidiary had $34.5 million, net, in U.S. dollar denominated operating intercompany payables and $72.1 million in U.S. dollar denominated accounts receivable related to sales to external customers. It is estimated that a 10 percent fluctuation in the U.S. dollar relative to the U.K. pound sterling would lead to a profit of $3.8 million (U.S. dollar strengthening), or loss of $3.8 million (U.S. dollar weakening) on the translation of these receivables, which would be recorded as gain (loss) on foreign exchange in our condensed consolidated statement of operations.
$11.3 million which include put and call options which expire, or expired, at various dates from October 2010 to May 2011 and we have recorded an unrealized gain of $0.4 million to accumulated other comprehensive income in connection with marking these contracts to fair value as of October 2, 2010. It is estimated that a 10 percent fluctuation in the dollar between October 2, 2010 and the maturity dates of the put and call instruments underlying these contracts would lead to a profit of $1.0 million dollars (U.S. dollar weakening) or loss of $0.2 million dollars (U.S. dollar strengthening) on our outstanding foreign currency forward exchange contracts, should they be held to maturity.
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