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Oclaro Inc (OCLR) filed Quarterly Report for the period ended 2011-10-01.
Oclaro Inc has a market cap of $196.9 million; its shares were traded at around $3.91 with and P/S ratio of 0.5.
This is the annual revenues and earnings per share of OCLR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of OCLR.
Highlight of Business Operations:
For the three months ended October 1, 2011, Huawei Technologies Co., Ltd. (Huawei) accounted for $13.3 million, or 13 percent, of our revenues; Cisco Systems, Inc. accounted for $11.6 million, or 11 percent, of our revenues; Fujitsu Limited accounted for $11.4 million, or 11 percent, of our revenues; and Alcatel-Lucent accounted for $10.5 million, or 10 percent of our revenues. For the three months ended October 2, 2010, Huawei accounted for $18.3 million, or 15 percent, of our revenues and Alcatel-Lucent accounted for $16.0 million, or 13 percent, of our revenues.Gross profit is calculated as revenues less cost of revenues. Gross margin rate is gross profit reflected as a percentage of revenues. Our gross margin rate decreased to 23 percent for the three months ended October 1, 2011, compared to 29 percent for the three months ended October 2, 2010. The decrease in gross margin rate was primarily due to the impact of our fixed costs on lower revenues, centered around a lower mix of relatively higher margin 10 G/bps transmission products, a higher mix of less mature 40 G/bps transmission products that are not yet margin optimized, and a $1.5 million increase in depreciation expense. Our gross profit was also favorably impacted by approximately $1.8 million as a result of the U.K. pound sterling and the Swiss franc weakening relative to the U.S. dollar.
During the three months ended October 1, 2011, we reviewed the fair value of certain remaining earnout obligations arising from the acquisition of Mintera Corporation (Mintera) and determined that their fair value decreased by $3.8 million based on revised estimates of revenues from Mintera products. This $3.8 million decrease in fair value was recorded as a decrease in restructuring, acquisition and related expenses in the first quarter of fiscal year 2012.
Net cash used by operating activities for the three months ended October 1, 2011 was $23.5 million, primarily resulting from a net loss of $10.2 million and a $16.8 million decrease in cash due to changes in operating assets and liabilities, partially offset by non-cash adjustments of $3.5 million. The $16.8 million decrease in cash due to changes in operating assets and liabilities was comprised of a $13.8 million decrease in accounts payable, $1.6 million decrease in accrued expenses and other liabilities, a $0.4 million increase in accounts receivable, a $0.4 million increase in prepaid expense and other current assets, a $0.3 million increase in other non-current assets, and a $0.3 million increase in inventory. The $3.5 million increase in cash resulting from non-cash adjustments primarily consisted of $5.8 million of expense related to depreciation and amortization and $1.6 million of expense related to stock-based compensation, offset in part by $3.8 million due to the revaluation of the Mintera earnout liability and $0.2 million from the amortization of deferred gain from a sales-leaseback transaction.
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.
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